If a tenant fixes an item in a rental and takes a deduction from the rent to reimburse themselves, the landlord must still report the full rental and then may take a deduction for the expense. Select one Ofrue O false
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- Mortgage fees paid by the homeowner at, or prior to, closing on the purchase of a house typically include all but which one of the following? a. Application fee b. Title search fee c. Title insurance fee d. Appraisal fee e. Prepayment penaltyOn 1 January 2020, a tenant paid OMR 18000 in advance for rental to Dhofar LLC for the next six months. At the end of April 2020, 4 month advanced rental amount has been expired. Record the expired rental income at the end of April 2020. Select one: a. Date Particulars Debit (OMR) Credit (OMR) April 30 Prepaid Rental Income Dr. Rental Income Cr. 18000 18000 b. Date Particulars Debit (OMR) Credit (OMR) April 30 Cash Dr. Unearned Rental Income Cr. 18000 18000 c. Date Particulars Debit (OMR) Credit (OMR) April 30 Rental Income Receivable Dr. Rental Income Cr. 12000 12000 d. Date Particulars Debit (OMR) Credit (OMR) April 30 Prepaid Rental Income Dr. Rental Income Cr. 12000 12000 e. Date Particulars Debit (OMR) Credit (OMR) April 30 Rental Expenses Dr. Prepaid Rent Cr. 12000 12000 f. Date Particulars Debit (OMR) Credit (OMR) April 30 Unearned Rental Income Dr. Rental…R(lessor) issued a receipt that E(lessee) has paid the rent for the months of March,2008. Can R still collect from E the rents for January and February,2008?
- Use the information for Geiberger Corporation from BE21.12, except assume the collectibility of the rentals is not probable. Prepare any journal entries for Geiberger on December 31, 2019An amount paid by the lessee to the lessor in addition to the periodic rental which is treated by the lessor as an unearned rent income to be amortized over the lease term. a. Contingent rent b. Lease bonus c. Initial direct cost d. Security depositA contractual agreement in which the borrower receives something of value now and agrees to pay the lender in the future with an interest is called as. a. Credit b. Insurance c. Money d. Time
- Question 1 Rules of the internal revenue service concerning the deductibility of points on a mortgage DO NOT include, A for a buyer to deduct points the seller paid to reduce his cost basis B Points paid to refinance the property to be fully deductible in the year paid C points paid by the seller to be considered a selling expense D points to be deductible as interest to be paid directly to a lender question 2 which of the folloeing would actually be included in an annual property operating statement of a potential real estate investment A economic base analysis B managment fee C comparative market analysis D investor`s earning potentialWhen a lessee makes periodic cash payments for a finance lease, which of the following accounts is decreased? A.Right-of-Use Asset B.Lease Rental Expense C.Interest Expense D.Lease LiabilityA Tenancy at Will is 1. not a true leasehold interest because it does not last for a definite period, nor does the tenant have any right to exlude the landlord and remain on the premises. 2. a tenancy that expires on a specific day. 3. a leasehold interest that renews itself automatically on the last day of the term for a further term of the same duration. 4. not a true tenancy as the typical example is of an overholding tenant who enters into possession rightfully under a lease but now stays in possession wrongfully after the term has expired. 5. occupation by a trespasser, who enters without consent or lawful right and refuses to leave.
- Studypug.com The T account for Unearned Rent appeared as follows after posting from the journal: Unearned Rent 23 Dec. 1 1,800 Which of the following is a correct statement about the journal entry that was posted? a.The debit portion of the entry was likely to be Accounts Receivable. b.A "23" was entered in the Post. Ref. column of the journal. c.The entry explanation likely read "Paid rent in advance." d.The account title should read Unearned Rent Receivable.Interest on Mookie The Beagle COncierge's Loan Payable to CK has been incurred, but not recorded or paid. The interest that has been incurred is calculated as principal multiplied by the interest rate multiplied by the time period ($1,000 x 6% x 1/12 = $5.00). Interest Expense of $5.00 must be recorded as an accrued expense and Accounts Payable, a liability, recorded for the amount that Mookie the beagle concierge is obligated to pay later. so an adjusting entry is needed to bring accounts up to date at january 31. What is the journal entry needed?Why is the rent in the adjusted trial balance 2750000?