On the 1.7.2019 XY company received rental revenue in advance from customers of  OMR 2400 for two years. in the journal entry, the credit side is:   Select one: a. None of These b. Prepaid rent 2400 c. unearned revenue 2400 d. Accrued rent 2400.

Q: On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account…

A: Hey, since there are multiple requirements posted, we will answer first three requirements. If you…

Q: On July 1, 2019, Ivanhoe Co. pays $27,000 to Concord Insurance Co. for a 4-year insurance contract.…

A: Given, Ivanhoe company insurance paid = $27000 of 4 year insurance contract on 1st July 2019, which…

Q: The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below.…

A: Date  Account Titles and Explanation  Debit ($) Credit ($) 31 Dec 2021 Rent Expense A/c $6720×26…

Q: On July 1, 2022, Sandhill Co. pays $23,000 to Blossom Company for a 1-year insurance contract. Both…

A: In the books of sandbill company

Q: Rosalie Couses the gross method to record sales made on credit. On June 10, 2019, it made sales of…

A: Under gross method, the discount is treated at the time of receipt of payment.

Q: Entity A provide bookkeeping service to Entity B for a monthly retainer fee (fixed monthly fee) of…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Agrico Inc. accepted a 10-month, 13% (annual rate), $5,350 note from one of its customers on May 15,…

A: Face value of note = $5,350 Interest Rate = 13% Period (May 15, 2019 to December 31, 2019) = 7.5…

Q: On August 1, 2018, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000…

A: Month from August 1, 2018 to December 31, 2018 = 5 months

Q: 1 January 2019 the company made a loan of £12,000 to an employee, charging 2% interest per year. On…

A: On 1st January, 2019, a loan of £12,000 given to an employee, which earns an interest of 2% p.a.…

Q: On July 1, 2022, Blossom Company pays $22,500 to Ivanhoe Company for a 1-year insurance contract.…

A: In this Numerical has covered the concept of Journal Entry, Adjusting Entry, and T-Accounts.

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: Journalize the entry on July 1 and the adjusting entry on December 31 for Sheridan Company. Sheridan…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Use the following information for the next two items: Entity A provides bookkeeping services to…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: The company receives rent revenue from a client for July and next 5 months on July 31 for 7.500 TL.…

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

Q: When a lessor paid an advance payment to a lessee for two years rent and records this using the…

A: SOLUTION- EXPLANATION- THE COMPLETE AMOUNT IS RECORDED IN THE EXPENSE ACCOUNT WHEN RECORDING A…

Q: A. You are provided with the following information form the accounts of BBS Ltd for the year ending…

A: Deferred Tax arises as a result of difference between Accounting profits and Taxable profits.

Q: 1. 2019, Shemeld Corp. pays $20,700 to Kaiter Insurance Co. for a 3-year insurance contract. Both…

A: Working note: Prepaid insurance : $20700/3 = $6900 Prepaid insurance for 6 months $6900 x 6/12 =…

Q: On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: On 1 January 2019, the company paid OMR 4500 cash as rent expenses for two months.   Select one:…

A: Prepaid expenses are the expenses that must be accounted for over multiple reporting periods.…

Q: If a company makes a journal entry that records a debit to "Rent Expense," that journal entry also…

A: Rent expense refers to the rent for any building space or space taken by the company. Journal entry…

Q: Umasa Company reported rental revenue of P2,210,000 in the cash basis income tax return for the year…

A: Under Cash basis of accounting revenue is recorded when the actual cash received, the major drawback…

Q: On 1.7.2019 XY company received rental revenue in advance from customer of OMR 3600 for two years.…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: On October 1, 2019, a company paid $9,000 rent in advance. The rent per month is $1,000. Assuming…

A: Given, Prepaid rent = $9,000 Rent per month = $1,000

Q: At the beginning of the year, Choice Advertising owed customers $2,200 for uneamed revenue collected…

A:

Q: Baden Realty Company received a check for: P18,000 on July 1 which represents a 6 month advance…

A: Revenue earned on july 31 = total amount received / no. of months = 18000/6 months = P3,000

Q: An analysis of Puge Co.'s unadjusted prepaid expense account at December 31, 20x3, revealed the…

A: Prepaid Expenses: It is possible to pay for an expenditure in one accounting period, but the…

Q: On July 1, 2019, Splish Brothers Inc. pays $24,900 to Kalter Insurance Co. for a 3-year insurance…

A: From July 1 to Dec 31: 6 months   Out of 36 months of insurance, the amount for 6 months has been…

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

A: Amount that charged to the income statement is amount that accrued during the year. Assuming KPL ltd…

Q: On July 1, 2022, Culver NV pays €21,680 to Larkspur Insurance for a 4-year insurance policy. Both…

A: Prepaid expenses means the expenses which have already been paid but the service will be received…

Q: On July 1, 2022., Pharoah Company pays $15.000 to Blossom Company for a 2-year insurance contract.…

A: Insurance expense = Total amount paid x no. of months expired/ Total duration of policy = $15,000 x…

Q: Entity A received a 12% P200,000, note receivable on October 1, 2011. Entity A uses a calendar year…

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Entity A provides bookkeeping services to Entity B for a monthly retainer fee (fixed monthly fee) of…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: We-Win Law Services received a payment of $56,000 as a retainer for a legal client for services to…

A: Solution: Unearned revenue at year end will revenues unearned at the end of the year after adjusting…

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 July 1, 2019, Oriole Co. pays $ 27,300 to Skysong Insurance Co. for a 4-year insurance contract.…

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

Q: For the following indenendent cases, in the space provided, calculate the amount of revenue that…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: On 1 January 2020, a company received OMR 14000 cash as rent revenue for two years. Pass the…

A: Revenue earned on December 31, 2020 = Total amount received / Total period = OMR 14000 / 2 years =…

Q: On 1 January 2020, a company received OMR 14000 cash as rent revenue for two years. Pass the…

A: Under Accrual system of accounting, transactions are recorded as and when they occur .  Unearned…

Q: Chandra's bakery business has the following account balances at 30 December 2019: Equipment OR…

A: Formulas:

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: Entity A provides bookkeeping services to Entity B for a monthly retainer fee (fixed monthly fee) of…

A: SOLUTION-1 A-                                                            LIABILITY METHOD (JOURNAL…

Q: The following information were made available for WideJoy Tech Services (WTS) as of December 31,…

A: The prepaid rent is the rent paid in advance but not due for payment yet.

Q: On July 1, 2022, Wildhorse Co. pays $19,500 to Blossom Company for a 2-year insurance contract. Both…

A: Journal Entries   Service revenue to be recognized on 31st December= 19500*6/24= 4875 ACCOUNT…

Q: Sasa Enterprise pays RM1,400 per month for rental of its business premises. On 31 December 2018, the…

A: The Question has covered the Concept of Accrual and Cash Basis of Accounting. Accrual Basis…

Q: On July 1, 2022, Blossom Company pays $18,000 to Sunland Company for a 2-year insurance contract.…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On December 1, 2021, Davenport Company sold merchandise to a customer for $20,000. In payment for…

A: Sometimes at the time of making sales on credit, the customer offer credit period more than normal…

Q: On 1 January 2019, the company paid OMR 4500 cash as rent expenses for two months. Select one: a.…

A: Prepaid rent is a rent which is paid in advance before the expiry of utilisation of asset for the…

Q: On July 1, 2020, Crane Co. pays $14,760 to Cheyenne Insurance Co. for a 3-year insurance policy.…

A: Journal entry as as well as adjusting entry are as follows

Q: Below are transactions for Hurricane Company during 2021.1. On October 1, 2021, Hurricane lends…

A: Adjusting entries are entries that are passed at the end of the period in order to correctly reflect…