what is the prepayment in the accounts for the year to 31 December 20X8?

Q: The following data were reported by Son Gohan Company during the current year: Rent receivable –…

A: The revenues and expenses are recognised in the period when they are incurred.

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: On January 1 of its first month of business, Bags Bunny, Inc., paid S500,000 for four months of rent…

A: Solution As per the accrual basis of accounting the expenses that have been incurred in the current…

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: ABC Tax Planning Service started business in January 2018, The company rented an office for $5,400…

A: Here company prepaid rent from January 1 to June 30. That is 6 months period

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: At October 31, 2022, the Accounts Payable balance is

A: Solution:-Option $91,200 credit is the right answer                              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: 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: Account balances at the end of the period:  Fees income 230k, interest income 25k, accrued income…

A: Total expenses :— It is the total sum of expenditures incurred during the period.    According to…

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 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: Given the following transactions for the year, prepare the income statement for World Co. for the…

A: Statement of operations, profit and loss statement, and statement of earnings are all terms used to…

Q: The ending balance of a business' accounts payable is $100,000 and the total debits and credits to…

A: The beginning balance of account can be calculated from the double entry book keeping system method

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: How much is owner’s equity at year-en

A: we know that Assets = Liabilities + owner's equity so Owner's equity = Assets - Liabilities Owner's…

Q: What is the impact to Liabilities when a business purchases $1,500 supplies on account?

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

Q: The following information is taken from the 2022 general ledger of Swifty Company. Rent Rent expense…

A: A cash flow statement can be prepared using direct and indirect methods. In direct method operating…

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: 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…

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: Cheng Company has one year in unearned rent on the books in the amount of $3,000. The money was…

A: The adjusting entry for unearned rent is to debit the unearned rent and credit the rent revenue.

Q: Paul Company has an accounting year ended on 31 October. The company pays rent on its premises…

A: The profit and loss of the financial statement which discuss the financial profits or losses of the…

Q: A business pays weekly salaries of P200,000 on Friday for five-day week ending on that day. If  the…

A: 5 days salaries expense = P200,000   Monday to Wednesday = 3 days 3 days salaries expense =…

Q: In its income statement for the year ended June 30, 20x1, what amount should Oren report as rent…

A: The lease is a type of financing where the lessor transfers the asset to the lessee for a certain…

Q: At the beginning of the period, a business has accounts payable of ₱200,000. During the period, the…

A: Accounts payable have credit balance therefore Total credits during the period has been added to…

Q: Suppose that our business uses a monthly fiscal period. On March 1, 2020, we paid 6 months of rent,…

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

Q: What is the impact to Liabilities when a business purchases $1,500 supplies on account? O Supplies…

A: Introduction: Balance sheet: All Assets and and liabilities are shown in Balance sheet. It tells the…

Q: What is the impact to Liabilities when a business purchases $1,500 supplies on account? Supplies…

A: Introduction: Balance sheet: All Assets and Liabilities are shown in Balance sheet. It tells the Net…

Q: Rent paid on 1 October 20X2 for the year to 30 September 20X3 was $1,200, and rent paid on 1 October…

A: We have the following information: Rent paid on 1 October 20X2 for the year to 30 September 20X3…

Q: A company paid its property taxes on October 1 for the period October 1, year 1 to September 30,…

A: A debit increases asset or expense accounts, and decreases liability, revenue or equity accounts. A…

Q: At October 1, 2021, Swifty Industries had an accounts payable balance of $41100. During the month,…

A: Accounts payable (AP) are amounts owed to vendors or suppliers for goods or services not yet paid…

Q: The company receives rent revenue from a client for July and next 3 months on July 31 for 18.000 TL.…

A: Rent per month = Total amount received / Total months = 18000 / 4 months = 4500

Q: a. On July 1, a business collected $3,300 rent in advance, debiting Cash and crediting Unearned…

A: When an event occurs in the business and it can be measured and expressed in terms of money, it…

Q: (a) On September 30, the firm received its utilities bill for the month of September amounting to…

A: 1. Income Statement 2. Balance Sheet   The first statement shows the income earned and loss incurred…

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: 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: 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: Which of the following journal entries would be recorded if a business makes a cash payment to a…

A: Step 1 Journal is the part of the bookkeeping.

Q: On May 1, Boyz Security Services rented office space and paid two month's rent in advance in the…

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

Q: Consider the following independent situations at December 31: a. On October 1, a business collected…

A: Journal entries: Date Account journal Debit $ Credit $ Oct 1 Unearned revenue (3,000 x 3/12)…

Q: A business compiling its accounts for the year to 31 January each year pays rent quarterly in…

A: Rent for the first five months (i.e. Feb to Jun) will be computed assuming rent for the year is…

Q: What amount should be paid?  B.How much is credited to the buyer's account? C. Is any money still…

A: Sales can be done on a cash or credit basis. When sales are on cash basis, cash will be received…

Q: At 31 March 20X7, accrued rent payable was £300. During the year to 31 March 20X8, £4,000 cash was…

A: Accrued expenses are those expenses which are incurred in particular accounting period, but payment…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is