nder accrual basis, an entity reported rental income for the current year of P1,500,000. The entity provided the following additional information regarding rental income: Unearned rental income, January 1 125,000 Unearned rental income, December 31 187,500 Accrued rental income, January 1 75,000 Accrued rental income, December 31 100,000 Under cash basis, what amount was received from rental in the current year? Group of answer choices

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A: Unearned revenue represents the liability for the company. Therefore, if it has been earned by the…

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Q: The following data were reported by Son Gohan Company during the current year: Rent receivable –…

A: The revenues and expenses are recognised in the period when they are incurred.

Q: Entity A is preparing its oparing its December 31, 20x1 financial statements, Provide the year-end…

A: Adjusting entries are those entries that are made at the end of the accounting period. These entries…

Q: The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2019, the end of…

A: Statement of owner's Equity: This is an example of an Indicator of Ownership EquityReports changes…

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A: Solution: Year end adjustment is required to be made to recognize revenue and expense on accrual…

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Q: On 1 May 20X0, A pays a rent bill of $1,800 for the period to 30 April 20X1. What is the charge to…

A: When the rent is prepaid for one year, it shall be entirely recorded as an asset on the date of the…

Q: The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation:…

A:

Q: These financial statement items are for Blossom Tax Services at year-end, July 31, 2020. Salaries…

A: Lets understand the basics. Income statement is prepared by management to know the net income…

Q: Beautiful Company reported utilities expense amounting to P117,000 in its statement of comprehensive…

A: The income statement is prepared to find the net income or loss incurred during the period.

Q: YinYang Company reported cash basis of income other than sales of P 50,000 for rent and P18,000 for…

A: The accrual basis states that income and expenses should be recorded as and when they are incurred…

Q: An entity received cash of P24,000 on August 1 for one-year's rent in advance and recorded the…

A:

Q: Given the following transactions for the year, prepare the income statement for World Co. for the…

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Q: Under accrual basis, rental income of Hamilton company for the current year is P300,000.  Additional…

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A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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A: Given, Rent paid in advance = $2,520 June 1, 2021 to Dec. 31, 2021 = 7 months

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A: The lease is a type of financing where the lessor transfers the asset to the lessee for a certain…

Q: The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger  account for the…

A: As per Accrual Concept of Accounting Expense and Income are to recorded when they are incurred and…

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A: The correct answer for the above mentioned question is given in the following steps.

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A: Ledger is the book of secondary entry in which transactions are posted from the journal.

Q: KPL Ltd has a year end of 31 March 2021. During the year it paid £1,600 for rent. At the start of…

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Q: Rent paid on 1 October 20X2 for the year to 30 September 20X3 was $1,200, and rent paid on 1 October…

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Q: Entity A issued a 12%, ₱500,000, one-year, note payable on July 1, 20x1. The principal and interest…

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Q: The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the…

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A: Tje expenses and revenue are recorded in the income statement as and when they are incurred.

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Q: A property company received cash for rent totalling $838,600 in the year ended 31 December 20X6.…

A: We have the following information: Property company received cash for rent totaling $838,600

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Q: Applying the matching principle Suppose on January 1, Andrew’s Tavern prepaid rent of $16,800 for…

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Q: On August 1, 2021, Vixen Ltd. received $54,000 cash from a tenant for one year of rent in advance,…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: her building. This represents rental which cover from the period August 1, 20A to Augn 2. How much…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: At the beginning of the year, A Corporation had $5,000 worth of office supplies. During the year,…

A: Formula: Supplies expense = Beginning supplies + Purchases - Ending supplies

Q: Assume that rent of P14,400 was paid on September 1, 2021 to cover a one-year period from that date.…

A: Prepaid rent is the amount of rent paid in advance. Rent of 14,400 is for 1 year paid in advance on…

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Q: The following balances were extracted from the books of AL Masa Cleaning Services at 31st December,…

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