On September 1, Barnes Company received $39,000 for six months of rent in advance. Barnes credited Deferred Rent Revenue. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on: (a) Income statement accounts (overstated, understated, or no effe

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A: The company received P1,200 as a one year rent in advance and it has debited cash account and…

Q: The Eldorado Corporation’s controller prepares adjusting entries only at the end of the reporting…

A: Interest: The amount charged on borrowed principal amount called Interest.

Q: The balance in the prepaid rent account before adjustment at the end of the year is $11,400, which…

A: Prepaid rent is the rent which is paid in advance. It is the rent which is recorded as the current…

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Q: When the accounts of Vaughn Inc. are examined, the adjusting data listed below are uncovered on…

A: The journal book will be prepared by the company to record the transactions of the company in a…

Q: The balance in the prepaid rent account before adjustment at the end of the year is $13,932, which…

A: Prepaid Rent: It is a current asset recorded in the balance sheet. It is a rent expense paid for an…

Q: How much is the total amount for reversal at the start of the next fiscal year relating to these…

A:

Q: The balance in the prepaid rent account before adjustment at the end of the year is $11,940, which…

A: Entry will be: Hence, correct option is (b)

Q: On March 1, Harris Company paid $2,400 for one year of advertising in advance. Harris debited…

A: Whenever a company paid for any expenses in advance, it will become their asset which is recorded as…

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A: Given: Total liabilities prior to adjusting entries =$110000Expenses incurred but not paid=…

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

A:

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A: Working Notes: Calculation of Interest : 90000 x 8% x ( 3 / 12 ) = 7200 x 0.25 = $ 1800 Calculation…

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Q: At the end of the current year, $23,570 of fees have been earned but have not been billed to…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: On November 1, 2021, a company receives cash of $6,000 from a customer for services to be provided…

A: Given information is:  On November 1, 2021, a company receives cash of $6,000 from a customer for…

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A: Usual Adjusting entry is as follows:

Q: On July 1, AHMAD Store paid OMR 12,000 to JAMEEL CO. for One Year Rent beginning July 1. If…

A: Following is the answer to given question

Q: Coronado Real Estate received a check for $28800 on July 1 which represents a 6 month advance…

A: The advance rent is the rent received in advance before its due date. It means the tenant is yet to…

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Q: Lopez Company received $9,600 on April 1, 2014 for one year's rent in advance and recorded the…

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A: Adjusting Entries  An adjusting journal entry is one that occurs in a company's general ledger at…

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A: Adjusting entries: Adjusting entries refers to the entries that are made at the end of an accounting…

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A: 1. Depreciation is an expense and deductible.   2. Sales revenue not collected in cash is accounts…

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A: As posted multiple independent questions we are answering only first three sub parts kindly repost…

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Q: On November 1, Rosewood apartments received $4800 from a tenant for three months’ rent. The receipt…

A: Adjustment amount = $4,800  x 2 months / 3 months = $3,200

Q: At the end of April, the first month of the year, the usual adjusting entry transferring rent earned…

A: The terms overstatement and understatement indicates the presence of error in the accounting…

Q: Assume no other adjusting entries are made during the year. a. Unearned Rent Revenue. The Krug…

A: Unearned Rent Revenue: It is a liability account, with its regular balance on the credit side, while…

Q: The balance in the prepaid rent account before adjustment at the end of the year is $12,840, which…

A: Prepaid rent = $ 12840 Rent period = 12 Months Rent per month = 12840/12 = $ 1070

Q: On December 31, the following data were accumulated for preparing the adjusting entries for…

A: (a)  Adjusting Entries: Adjusting entries indicates those entries, which are passed in the books of…

Q: The balance in the prepaid rent account before adjustment at the end of the year is $32,000, which…

A: Rent expense for December = Total Rent paid x 1 month / 4 months = $32,000*1/4 = $8,000

Q: On December 31, the following data were accumulated for preparing the adjusting entries for…

A: (a) Adjusting Entries: Adjusting entries indicates those entries, which are passed in the books of…

Q: Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of…

A:

Q: Prepare the necessary adjusting entries at its year-end of December 31, 2021, for the Jamesway…

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A: IN ACCRUAL ACCOUNTING , REVENUES ARE RECORDED WHEN EARNED , WHETHER OR NOT WE HAVE BILLED THE CLIENT…

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…

Q: On November 1, Harris Company received $16,800 for six months of rent in advance. On November 1,…

A: Revenue still unearned at December 31 = $16,800*4/6 Revenue still unearned at December 31 = $11,200

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A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: On July 1, Dexter Store paid $8,000 to ACE Company for 4 months rent beginning July 1. Prepaid Rent…

A: The adjustment entries are made to record the revenue and expenses of the current period only.

Q: Adonis, Inc. paid $3,000 for three months of rent on November 1, 2020. At December 31, 2020, the…

A: Expenses means any amount spent for the smooth running of business . Any expenses of previous or…