R(lessor) issued a receipt that E(lessee) has paid the rent for the months of March,2008. Can R still collect from E the rents for January and February,2008?
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R(lessor) issued a receipt that E(lessee) has paid the rent for the months of March,2008. Can R still collect from E the rents for January and February,2008?
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- The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the balance sheet and income statement for December would 1w: A. Assets understated by $600; net income overstated by $600. B. Liabilities understated by $600; net income understated by $600. C. Liabilities overstated by $600; net income understated by $600. D. Liabilities overstated by $600; net income overstated by $600.At the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a tenant during 2020. The company erroneously recorded the transaction by debiting Cash and crediting Rent Revenue in 2019 instead of 2020. Upon discovery of this error in 2020, what correcting journal entry will Framber make? Ignore income taxes.Which account would be credited when closing the account for rent expense for the year? A. Prepaid Rent B. Rent Expense C. Rent Revenue D. Unearned Rent Revenue
- On November 1, Rosewood apartments received $4800 from a tenant for three months’ rent. The receipt was credited to unearned rent revenue. What adjusting entry is needed on December 31?the krug company collected $16800 in rent in advance on november 1, debiting cash and crediting unearned rent revenue. the tenant was paying 12 months rent in advance and occupancy began on nove1On 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?
- Sheffield Corp. received a check for $19080 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $19080. Financial statements will be prepared on July 31. Sheffield's should make the following adjusting entry on July 31: debit Unearned Rent Revenue, $19080; credit Rent Revenue, $19080. debit Cash, $19080; credit Rent Revenue, $19080. debit Rent Revenue, $3180; credit Unearned Rent Revenue, $3180. debit Unearned Rent Revenue, $3180; credit Rent Revenue, $3180.On 1 May 20X0, A pays a rent bill of $1,800 for the period to 30 April 20X1. What is the charge to the income statement and the entry in the statement of financial position for the year ended 30 November 20X0?A $ 1,050 charge to income statement and prepayment of $750 in the statement of financial positionB $ 1,050 charge to income statement and accrual of $750 in the statement of financial positionC $1,800 charge to income statement and no entry in the statement of financial positionD $750 charge to income statement and prepayment of $ 1,050 in the statement of financial position Answer the question and explain why did you choose this answerJoanna has prepared her draft accounts for the year ended 30 April 2008, and needs to adjust them for the following items: 1 Rent of $10,500 was paid and recorded on 2 January 2007 for the period 1 January to 31 December 2007. The landlord has advised that the annual rent for 2008 will be $12,000 although it has not been invoiced or paid yet. 2 Property and contents insurance is paid annually on 1 March. Joanna paid and recorded $6,000 on 1 March 2008 for the year from 1 March 2008 to 28 February 2009. What should the net effect on profit be in the draft accounts for the year ended 30 April 2008 of adjusting for the above items?
- 1. Entity A received a 12% P200,000, note receivable on October 1, 2011. Entity A uses a calendar year period. The principal and interest on the note are due on October 1, 2012. What is the adjusting entry to take up accrued interest income on Dec. 31, 2011?2. Entity A is renting out its building to tenant for a monthly rent of P30,000. As of December 31,2011, the tenant has not yet paid the rent for the months November and December. What is the adjusting entry to take up accrued rent income on December 31, 2011?3. Entity A issued a 12% P500,000, one-year note payable on July 1, 2011. The principal and Interest are due on July 1, 2011. What is the adjusting entry to take up interest expense on December 31, 2011?4. Entity A has equipment with a historical cost of P 1 ,000,000. The equipment was estimated to have a 10- year useful life when was acquired four years ago . What is the adjusting entry to take up the annual depreciation expense on December 31, 2011?5. Entity A total accounts…Somerset received $16,800 from a customer for 12 months rent in advance of the rental period. How should somerset record this transactionsOn August 1, Mitchell Company received $21,900 for six months of rent in advance. Required: 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?
