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Cornerstones of Financial Accounti...
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Cornerstones of Financial Accounti...
Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Rent for the 3 months totals S3,600. On December 31, 2019, Hurd will report Prepaid
Rent of:
a. $0
b. $1,200
c. $2,400
d. $3,600
Concept Introduction:
Adjusting entries are required to adjust the accounts according to the accrual basis of accounting at the end of the every accounting period. For example: Recording the depreciation expense on depreciable assets at the end of each accounting year.
The business activity for each type of adjusting entry is explained as follows:
- Accrued revenue: The adjusting entry for Accrued revenue is prepared to record the revenue earned during the period.
- Accrued Expense: The adjusting entry for Accrued expense is prepared to record the expenses incurred during the period.
- Deferred Revenue: The adjusting entry for Deferred revenue is prepared to defer the revenue that belong to next period.
- Deferred expenses: The adjusting entry for Deferred expense is prepared to defer the expense that belong to next period.
- Depreciation: The adjusting entry for depreciation expense is prepared to record the depreciation expense that belong to current period.
To choose:
The correct amount of prepaid rent to be reported on Dec. 31.
The correct amount of prepaid rent to be reported on Dec. 31 is calculated as follows:
The company has prepaid rent of $3600 on Dec...
Chapter 3 Solutions
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