If business pays rent in advance and debits a Prepaid Rent account, the company receiving the rent payment will credit cash. prepaid rent. unearned rent revenue. accrued rent revenue.
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- 8) What source document is used to record the purchase of prepaid rent? 1. GM 2. CL.M 3. AM 4. CH29)Revenue is properly recognized: (Hint: What is Revenue Recognition principle?) Group of answer choices At the end of the accounting period. Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price. Only if the transaction creates an account receivable. When the customer's order is received.10.Which of the following accounts would be increased with a debit? a. Withdrawals account. b. Legal fees earned c. Rent Payable d. Owner’s capital account
- Chapter 5: Question 6 Alice Leynes "Linis Janitorial and Maintenance Services" Use the following accounts: Cash, Accounts Receivable, Furniture & Fixtures, Office Equipment, Accounts Payable, Notes Payable, Leynes, Capital, Leynes, Personal, Janitorial and Maintenance Service Fees, Advertising Expense, Salaries and Wages, Utilities Expense. See to it that there should be at least two accounts involved following the Venetian Model. For example, to illustrate October 1Please answer in good accounting form Thankyou 4. How much should be reported as rent expense in SEVEN's income statement for the year ended December 31, 2021?Multiple choice: 1. Which of the following is a form of revenue? A. A check paying a mortgage B. A credit purchase invoice C. Credit sales to charge costumers D. A cash purchase invoice 2. Which of the following transactions does not include an increase to expense? A. Received and paid the phone bill B. Paid monthly rent C. Received cash for services performed D. Paid the week's wages
- Activity # 7 Application of the concepts of Assets, Liabilities, Owner’s Equity, Revenue, and ExpenseThe following table includes SFP and SCI elements. Put a check mark (√) in the column where each accounts belongs to.Account Asset Liability Owner’s Equity Revenue Expenses1. Interest Receivable2. Professional Fees3. Service Income4. Mr. A, Drawing 5. Doubtful Accounts6. Depreciation Expense7. Accrued Interest Income8. Unearned Interest Income9. Prepaid Interest10. Accumulated Depreciation11. Mortgage payable12. Unused Supplies13. Supplies Inventory14. Supplies on hand15. SSS Premium Expense16. Withholding Taxes Payable17. Repairs and Maintenance 18. Petty cash Fund19. Allowance for Bad Debts20. Cash in bank21. Accounts payable22. Prepaid Insurance23. Unexpired Insurance24. Salaries payable25. Utilities Expens20. Time of Babe Co. has the following information: Accrued rent income – January 1 1,600,000 Accrued rent income – December 31 800,000 Unearned rent – January 1 1,200,000 Unearned rent – December 31 2,000,000 Rental payments received 4,000,000 How much is the rent income under accrual basis of accounting?Identification 4. Purchasing it, you are essentially loaning money to the company for a specific period of time.
- block c/2019/1/2 How long does a company obliged to prepare accounts in accordance with the German Commercial Code (HGB) have to keep an opening balance sheet? What are accounts receivable ? What does the active or active or active person inform about? Liabilities side of a balance sheet? How can I determine the annual result in the balance sheet?26) Insurance premium paid in advance to insurance company is an example of: a. Accrued revenue b. Accrued expense c. Prepaid expense d. Outstanding expense28. Insurance premium paid in advance to insurance company is an example of: a. Prepaid expense b. Outstanding expense c. Accrued revenue d. Accrued expense