On September 1, Young Company received $38,100 for six months of rent in advance.   1. How much would be recognized as rent revenue by the end of the year? 2. How much will be in the Deferred Rent Revenue account by the end of the year, after the adjusting entries have been prepared and posted?

Q: Craig paid $900 of rent on December 1 for an entire year (12 months). So at the end of the…

A: Prepaid expense: Prepaid expense means future expenses which are paid in advance. Prepaid expense…

Q: The balance in the Prepaid Rent account before adjustment at the end of the vear is 15.000, which…

A: Adjusting entries are recorded to show the changes in amounts of an account due to lapse of time…

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…

Q: What is the adjusting entry to take up accrued rent income on December 31, 20x1?

A: Adjusting journal entry helps accountants to make required adjustments in the related account…

Q: A business began the year with prepaid rent of pound£300. During the​ year, the business paid…

A: Calculation of rent payable expense for the year Rent payable expense = Beginning balance of Prepaid…

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: Suppose on January 1 Austin's Tavern prepaid rent of $14,400 for the full year. At March 31, how…

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

Q: Can you answer the multiple-choice and the accounting cycle Below Question 1 If the Supplies Expense…

A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…

Q: Sanborn company rents space to a tenant for $2,500 per month. The tenant currently owes rent for…

A: Solution: When rent of November and December is not paid till December 31, it means rent income is…

Q: On January 1, Parisian Palaces received $95,000 for one year's rent for building A. What would the…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

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 January 1, Parisian Palaces received $95,000 for one year's rent for building A. What would the…

A: Adjustment entry is the entry made for accounting period to record the amount of right amount of…

Q: On January 1 of its first month of business, Bags Bunny, Inc., paid $74,000 for six months rent…

A: Formula: Monthly rent = Total Rent paid / 6 months.

Q: The adjusting entry required on December

A: Three month Prepaid rent was $13,200 so the rent for one month will be 132003 = $4,400

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

A: The question is based on the concept of Financial Accounting. All the expenses that are paid in…

Q: On July 1 Fisher Shoe Store paid $24,000 to Acme Realty for 6 months’ rent beginning July 1 and…

A: Rent Expense per month = Total amount paid for rent / Total period = $24,000 / 6 months = $4,000 per…

Q: On December 1, 2019, an advance rent payment of $25,800, representing a three-month prepayment for…

A: The revenue and expenses are recognised when they are incurred irrespective of cash transaction.

Q: The balance in the unearned fees account, before adjustment at the end of the year, is $18,000.…

A: Unearned Revenue Unearned revenue is the revenue which is earned in advance, ahead of providing…

Q: A business provides its employees with varying amounts of vacation per year, dependingon the length…

A: Answer A) Date Particulars Debit Credit Dec 31 Vacation expenses A/c ($42,000/12) 3,500…

Q: On November 1, Duane paid $12,000 in advance for a year's rent. The November 30 adjusting entry for…

A: Payment made in advance for rent is known as prepaid rent. It means expenses needs to be incurred in…

Q: The balance in the prepaid rent account before adjustment at the end of the year is $20,345, which…

A: Adjusting entries: It is an entry pass to balance the debit and credit amount at the end of the…

Q: On September 1, Barnes Company received $39,000 for six months of rent in advance. Barnes credited…

A: Adjusting entries are the journal entries made to adjust the transactions occurred during the…

Q: On the basis of the following data, (a) journalize the adjusting entries at June 30, the end of the…

A: Calculate the amount of accrued salaries:

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

A: Lopez company Transaction: As per Nominal account rule: Debit all expenses and losses, credit all…

Q: REM Real Estate received a check for $24,000 on July 1 which represents a 6 month advance payment of…

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

Q: On December 1 of the current year, Prepaid Rent was debited $7,200 for three months of rent, to…

A: Prepaid expenses refer to the expenses of the business that are paid in advance before such expense…

Q: Suppose on January 1 Andrew's Tavern prepaid rent of $6,000 for the full year. At June 30, how much…

A: Rent expenses recorded on June 30 = Total prepaid rent x no. of months/ 12

Q: 12. Leyland Realty Company received a check for $18,000 on July 1, which represents a6-Ma advance…

A: Lets understand the basics. Adjustment entry is required to prepare to record correct amount of…

Q: On December 1 of the current year, Prepaid Rent was debited $7,200 for three months of rent, to…

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

Q: Garcia Company rents out a portion of its building to Jerry Company for $1,000 per month. On August…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: Based on the following information, determine the accounts and amount for the adjusting entry for…

A: Adjusting entries:   Adjusting entries are the journal entries that are entered in the books of…

Q: Calculate the adjustment amount for the following statements below  Then you will journalize the…

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual…

Q: The balance in the prepaid rent account before adjustment at the end of the year is $15,192, which…

A: Adjusting entries:   The entries that are made at the end of an accounting period in accordance with…

Q: The balance in the Prepaid Rent account before adjustment at the end of the year is $26100, which…

A: Given,  Prepaid rent on December 31 = $26,100

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: On September 1 of the current year, Prepaid Rent was debited for $3,000. This amount represents…

A: The adjustment entries are prepared to adjust the accrued revenues and expenses for the period.

Q: On July 1, The Walt Disney Company prepays $60,000 in rent for a Disney Storebuilding for the next…

A: Prepaid expense: It refers to the expense that has been paid for by the business in advance but not…

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: The balance in the Prepaid Rent account before adjustment at the end of the year is $15,600, which…

A: Under the accrual basis of accounting business transactions are recorded in books of accounts and…

Q: Ray Co pays $900 for office supplies in April and debits Office Supplies. Ray Co's year-end is May…

A: Adjusting entries are those journal entries which are passed at the end of accounting period in…

Q: od December 2020 - February 2021.   The accounts for the year ended 31 December 2020 should sh

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

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

A: The rent expense to be recorded from January 1 to November 30 is $15,400 which is determined by…

Q: On October 1, Vista Vlew Company rented warehouse space to a tenant for $2,100 per month and…

A: Unearned rent account balance on Dec. 31=Total Unearned rent-Rent earned

Q: Garcia Realty Co. pays weekly salaries of $17,250 on Friday for a five-day workweek ending on that…

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

Q: The balance in the prepaid rent account before adjustment at the end of the year is $15,764, which…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: On December 31, 20--, Karmansky Company needed to record its accrued wages for year-end. If December…

A: Accrued salaries expense = Gross pay x no. of days accrued  / 5 day week Accrued salaries payable =…