Which is the correct adjusting entry for accrued rent revenue? Multiple Choice Debit Credit Rent Receivable $ 7,500 Rent Earned $ 7,500 Debit Credit Rent Expense $ 7,500 Rent Earned $ 7,500 Debit Credit Rent Payable $ 7,500 Rent Expense $ 7,500 Debit Credit Rent Revenue $ 7,500 Rent Payable $ 7,500

Which is the correct adjusting entry for accrued rent revenue? Multiple Choice Debit Credit Rent Receivable $ 7,500 Rent Earned $ 7,500 Debit Credit Rent Expense $ 7,500 Rent Earned $ 7,500 Debit Credit Rent Payable $ 7,500 Rent Expense $ 7,500 Debit Credit Rent Revenue $ 7,500 Rent Payable $ 7,500

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 10MC: Which account would be credited when closing the account for rent expense for the year? A. Prepaid...

See similar textbooks

Related questions

Q: Prepaid rent, representing rent for the next six months' occupancy, would be reported on the…

A: Balance consists of assets, liabilities and stockholders' equity. Assets = Liabilities +…

Q: The unearned rent account has a balance of $69,060. If $15,787 of the $69,060 remains unearned at…

A: Introduction: To accurately dedicate income and expenses to each accounting quarter, adjusting…

Q: The unearned rent account has a balance of $48,053. If $6,544 of the $48,053 is unearned at the end…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: lease journalize the following adjustments of Air & Sea Travel, Inc., at April 30 (a) Prepaid rent…

A: Adjusting entries are the journal entries prepared at the end of accounting period to update revenue…

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: Consider the account balances excerpted from the unadjusted trial balance and the adjustment data.…

A: Rent expense = Prepaid rent - Unexpired Prepaid rent = $18200 - $12800 = $5,400

Q: Accounts Requiring Adjustment Indicate with a Yes or No whether or not each of the following…

A: Adjusting journal entry records those financial transactions which requires some adjustment at the…

Q: Consider the account balances excerpted from the unadjusted trial balance and the adjustment data.…

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

Q: What are the journal entries for an accrual of rent expenses of $500? A Debit prepayments $500,…

A: We have the following information: Rent Expense: $500 Nature of Expense: Accrual

Q: The unearned rent account has a balance of $56,752. If $6,575 of the $56,752 is unearned at the end…

A: Explanation: The amount of adjusting entry is the difference between the beginning and ending…

Q: Please answer in good accounting form Thankyou 4. How much should be reported as rent expense in…

A: Rent expense: It implies to the expense that is incurred by the tenant for taking a rental room from…

Q: 1. Bill for ads that appeared in prior month’s local newspaper. 2. Fees received but not yet…

A: Accrued Expense- Accrued expenses are those expenses that are due for payment but not paid.…

Q: Is this entry correct for this adjusting transaction?

A: Adjusting Entries: Adjusting entries indicates those entries, which are passed in the books of…

Q: The unearned rent account has a balance of $71,354. If $17,164 of the $71,354 remains unearned at…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: Prepare adjusting journal entries, as needed. If an amount box does not require an entry, leave it…

A: Given information is: Consider the account balances excerpted from the unadjusted trial balance and…

Q: what is the entry when the business pay its rent for one year? * O debit prepaid rent, credit cash…

A: Income statement is a financial statement which reports a company's financial performance by stating…

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: On December 1, 2014 Golden Acres rented a retail store to Summer Daze. On December 31, 2014 an…

A: Step 1 Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for…

Q: On December 1, 2014 Golden Acres rented a retail store to Summer Daze. On December 31, 2014 an…

A: Hi, since you have posted a question with multiple sub parts, we will solve the 1st three sub parts…

Q: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the…

A: There are three adjustments given: Depreciation on Fixed Assets, $8,500: Unexpired Prepaid Rent,…

Q: Events for year 1, 1st year of operation. Cash in advance for rent, Period April 1, year 1, to…

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

Q: From Owner: enter adjustments for ? prepaid insurance and rent expired: Insurance for one month: $1…

A: When a expense such as rent or insurance is paid for certain period and if that period falls beyond…

Q: viously paid the landlord. This entry will include a ____ to Prepaid Rent. A. Debit B.Credit

A: According to the accounting matching concept, adjusting entries are required at the end of each…

Q: what to do in income statement when rent income was in increased by 10% on 1 February 2021.the rent…

A: Income statement is one of the financial statements, which report income, expenditures, profits or…

Q: The preparation of adjusting entries requires a debit entry to one account and a credit entry to…

A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

Q: Entity A is renting out its building to a tenant for a monthly rent of ₱30,000. As of December 31,…

A: Lease represent a mutual agreement among two parties where the owner party of asset (called lessor)…

Q: Year 1 Paid 13,100 cash in advance for rent. For period , April 1, year 1, to march 31, year 2.…

A: Rent from January 1, Year 2 to March 31, Year 2 = $13,100*3/12 Rent from January 1, Year 2 to March…

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: Which is the correct adjusting entry for accrued interest expense? Multiple Choice Debit…

A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

Q: Which account would be credited when closing the account for rent expense for the year? Prepaid…

A: Prepaid Rent - It is the amount of rent paid in advance for the next year . Rent Expense - It is…

Q: Using the Balance Day Adjustment journals below as an example, identify and explain the potential…

A: If any Balance Day Adjustment journals are not posted/ processed, then it may lead to…

Q: Which account would be credited when closing the account for rent expense for the year?A. Prepaid…

A: A closure entry seems to be a journal entry executed at the conclusion of an accounting period that…

Q: Which account would be credited when closing the account for rent expense for the year? Group of…

A: Journal: Recording of a business transactions in a chronological order.

Q: The unearned Rent account has a balance of $ 36000 , If $ 4000 of the 36000 is unearned at the end…

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

Q: A company shows a $300 balance in Prepaid rent in the Unadjusted Trial Balance columns of the…

A: The unadjusted balance has a prepaid rent is $ 300. However, an adjustment of $ 150 is made to…

Q: The following accounts were used to make year-end adjustments. Identify the related account that is…

A: The revenues and expenses are to be recorded as and when they are incurred irrespective of cash…

Q: The unearned rent account has a balance of P36,000. If P4,000 of the P36,00 period the amount of the…

A: Adjusting entry: It implies to a journal entry that is recorded at the closing of an accounting…

Q: Which of the following entries records the receipt of cash for two months' rent? The cash was…

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

Q: Determining the amount of prepaid expenses Consider the facts presented in the following table for…

A: Prepaid Expenses: Prepaid expenses are the expenses that are not incurred in a particular period…

Q: The unearned rent account has a balance of $48,648. If $5,304 of the $48,648 is unearned at the end…

Q: If the prepaid rent account had an unadjusted normal balance of 3,400 and and adjustment was made…

A: The prepaid rent account is the account that represents the amount of rent paid in advance and not…

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Which is the correct adjusting entry for accrued rent revenue?

Multiple Choice

Debit Credit

Rent Receivable $ 7,500

Rent Earned $ 7,500
Debit Credit

Rent Expense $ 7,500

Rent Earned $ 7,500
Debit Credit

Rent Payable $ 7,500

Rent Expense $ 7,500
Debit Credit

Rent Revenue $ 7,500

Rent Payable $ 7,500

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What two accounts are affected by each of these adjustments? A. recorded accrued interest on note payable B. adjusted unearned rent to correct C. recorded depreciation for the year D. adjusted salaries payable to correct E. sold merchandise to customers on account
What are the journal entries for an accrual of rent expenses of $500? A Debit prepayments $500, credit rent $500 B Debit accrual $500, credit rent $500 C Debit rent $500, credit accruals $500 D Debit rent $500, credit prepayments $500
Which account would be credited when closing the account for rent expense for the year? Group of answer choices 1.Prepaid Rent 2.Rent Expense 3.Rent Revenue 4.Unearned Rent Revenue
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
Which is the correct adjusting entry for accrued interest expense? Multiple Choice Debit Credit Interest receivable $ 1,000 Interest revenue $ 1,000 Debit Credit Interest payable $ 1,000 Interest expense $ 1,000 Debit Credit Interest expense $ 1,000 Interest payable $ 1,000 Debit Credit Interest revenue $ 1,000 Interest receivable $ 1,000
On 1 January 2019, the company paid OMR 4500 cash as rent expenses for two months. Select one: a. None of these b. Date Particulars Debit (OMR) Credit (OMR) 1 Jan Rent Cash 4500 4500 c. Date Particulars Debit (OMR) Credit (OMR) 1 Jan Cash Prepaid rent 43500 4500 d. Date Particulars Debit (OMR) Credit (OMR) 1 Jan Prepaid Rent Cash 4500 4500
The balance in the prepaid rent account before adjustment at the end of the year is $11,940, which represents 12 months' rent paid on December 1. The adjusting entry required on December 31 is a-debit Rent Expense, $10,945, credit Prepaid Rent, $995 b-debit Rent Expense, $995, credit Prepaid Rent, $995 c-debit Prepaid Rent, $995, credit Rent Expense, $995 d-debit Prepaid Rent, $10,945, credit Rent Expense, $995
The balance in the prepaid rent account before adjustment at the end of the year is $13200 and represents three months rent paid on December 1. The adjusting entry required on December 31 is: debit Prepaid Rent, $8800; credit Rent Expense, $8800. debit Prepaid Rent, $4400; credit Rent Expense $4400. debit Rent Expense, $13200; credit Prepaid Rent, $13200. debit Rent Expense, $4400; credit Prepaid Rent, $4400.
The balance in the prepaid rent account before adjustment at the end of the year is $11,400, which represents 12 months' rent paid on December 1. The adjusting entry required on December 31 is a.debit Rent Expense, $10,450, credit Prepaid Rent, $950 b.debit Prepaid Rent, $950, credit Rent Expense, $950 c.debit Rent Expense, $950, credit Prepaid Rent, $950 d.debit Prepaid Rent, $10,450, credit Rent Expense, $950
The balance in the Prepaid Rent account before adjustment at the end of the year is $26100, which represents three months’ rent paid on December 1. The adjusting entry required on December 31 is to A) debit Prepaid Rent, $17400; credit Rent Expense, $17400. B) debit Rent Expense, $17400; credit Prepaid Rent $17400. C) debit Prepaid Rent, $8700; credit Rent Expense, $8700. D) debit Rent Expense, $8700; credit Prepaid Rent, $8700.
Which of the following entries records the receipt of cash for two months' rent? The cash was received in advance of providing the service. a.Prepaid Rent, debit; Rent Revenue, credit. b.Cash, debit; Prepaid Rent, credit. c.Cash, debit; Rent Expense, credit. d.Cash, debit; Unearned Rent, credit.
The balance in the Prepaid Rent account before adjustment at the end of the year is $15,600, which represents 12 months rent paid on September 1. The adjusting entry required on December 31 to show the amount of rent that had expired is: Multiple Choice Account Name Debit Credit Rent expense $1,300 Cash $1,300 Account Name Debit Credit Rent expense $5,200 Cash $5,200 Account Name Debit Credit Rent expense $5,200 Prepaid rent