Swerte Co. received P45,600 on May 1, 2020 for one year’s rent in advance and recorded the transaction with a credit to real account. The December 31,2020 Adjusting entry is    a.Debit - Unearned rent Credit - Rent Revenue for P30,400 b.Debit -Unearned rent Credit - Rent Revenue for P15,200 c.Debit -Rent Revenue Credit - Unearned rent for P30,400 d.Debit -Rent Revenue Credit - Unearned rent for P15,200

Q: On October 1, 2021 Adam Realty collected P28,000 from a tenant representing an advance collection…

A: The advance rent collected constitutes an unearned revenue because the tenant has not availed the…

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: The unearned rent account has a balance of P36,000. If P4,000 of the P36,000 is unearned at the end…

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

Q: 6. If as of December 31, 2021 the rent of P10,000 for the month of December had not been recorded or…

A: Increase in expense should be debited. Increase in liabilitie should be credited.

Q: A prepaid rent account amounting to Php 600,000 was shown in a trial balance on December 31, 2013.…

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

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: 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: On June 1, 2019, Herbal Co. received $22,440 for the rent of land for 12 months. Journalize the…

A: Rent received in advance is not recognized as revenue and is shown as a liability in the balance…

Q: Slawton Company paid $24,000 on December 1 for three months rent and recorded the transaction to the…

A: Given, Rent expense for 3 months = $24,000   Rent paid: December 1 Adjusting Entry: December 31…

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: 3. On November 1, 2020, three months' rent was paid in advance, with a value of $4,500. a) Write…

A: Date Accounts Debit Credit Nov 1 Prepaid rent 4,500     Cash   4,500   (Rent paid for next…

Q: The December 31,2020 Adjusting entry is

A: Answer: A. Debit - Unearned rent Credit - Rent Revenue for P30,400

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: On July 1, 2019, Major Co. pays $15,120 to Mesa Insurance Co. for a 4- year insurance contract. Both…

A:

Q: Swerte Co. received P45,600 on May 1, 2020 for one year’s rent in advance and recorded the…

A: Advance rent for one year = P 45600 Date of advance received = May 1 , 2020

Q: ABC Company collected 30,000 on August 31 representing 6 months rent. The Comapany is using the…

A: Lets understand the basics. Journal entry is requirement is to make to record revenue and expense in…

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: On July 1, 2022, Blossom Co. pays $12.000 to Nash's Insurance Co. for a 4-year insurance contract.…

A: Adjusting entries are those entries which are passed at the end of the period in order to accurately…

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: 8. On February 1, 2021, Ace Company received $36,000 in advance for a three-year rental of land, and…

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

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

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

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: The following information is available for the required adjusting entries: 4. $36,000 was recorded…

A: Please check the step 2 for the solution:-

Q: On October 1, 2021 Adam Realty collected P28,000 from a tenant representing an advance collection…

A: The rent is collected in advance for one full year but the rental income would only be recognized…

Q: B. Given the following transactions, give the adjusting joumal entries for the prepayments and…

A: The adjusting entries are prepared at the end of an accounting year to adjust the prepaid expenses,…

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

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

Q: On October 1, 2020 the company borrows $20,000 from a local bank and signs a note. Principal and…

A:

Q: On December 31, 2019, Krug Company prepared adjusting entries that included the following items:…

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

Q: DEXTER Company received a check for $18,000 on July 1, 2019 which represents a 6 month advance…

A: Adjusting journal entry: To record any unrecognized income or expenses for the period company made…

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

A: Ledgers are the records prepared in books of accounts showing the accounts which gets affected 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: A) Conan Industries collected $100,000 from customers in 2019. Ofthe amount collected,$25,000 was…

A: Some adjustment need to be done at the end of the year because we are following ACCURAL system of…

Q: On September 1, 2019 a company received P960,000 representing a rental of an office space for one…

A: Unearned revenues are those revenues which are received in advance for future period but has not…

Q: The unearned rent account has a balance of $48,818. If $3,570 of the $48,818 is unearned at the end…

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

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 the 1.7.2019 XY company received rental revenue in advance from customers of  OMR 2400 for two…

A: Unearned revenue is the revenue recieved in advance for goods and services to be provided by the…

Q: On May 1, 2020, Zuhoor Muscat Company agreed to provide services for SQU of RO 220,000 over the next…

A: Amount receivable from SQU = RO 220,000 * 45% = RO 99,000

Q: During the current year ended December 31, clients paid fees in advance for accounting services…

A: Unearned Service Revenue :— It is revenue that is not accrued but cash for the revenue is received…

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: Sheffield Corp. received a check for $19080 on July 1, which represents a 6-month advance payment of…

A: Unearned rent revenue is the amount which represents the advance money received for the services or…

Q: Prepare the adjusting entries on December 31, 2019. Earned $9,880 of revenue from providing…

A: Adjustment entries are the journal entries passed at the close of the accounting year for…

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: 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: The rent expense account in 2020 has debit balance of P74,400 composed of the following: (1) January…

A: Working notes :  (1) Rent expenses for the period January 2020 to April 2020 = P16800 (2) Rent…

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 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…