Record adjusting journal entries for each separate case below for year ended December 31. Assume no other adjusting entries are made during the уear. a. Unearned Rent Revenue. The Krug Company collected $10,200 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 November 1. b. Unearned Services Revenue. The company charges $110 per insect treatment. A customer paid $440 on October 1 in advance for four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the company has applied three treatments for the customer. c. Unearned Rent Revenue. On September 1, a client paid the company $32,400 cash for six months of rent in advance and took occupancy immediately. The company recorded the cash as Unearned Rent Revenue. View transaction list Journal entry worksheet The Krug Company collected $10,200 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 November 1. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View genera

Record adjusting journal entries for each separate case below for year ended December 31. Assume no other adjusting entries are made during the уear. a. Unearned Rent Revenue. The Krug Company collected $10,200 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 November 1. b. Unearned Services Revenue. The company charges $110 per insect treatment. A customer paid $440 on October 1 in advance for four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the company has applied three treatments for the customer. c. Unearned Rent Revenue. On September 1, a client paid the company $32,400 cash for six months of rent in advance and took occupancy immediately. The company recorded the cash as Unearned Rent Revenue. View transaction list Journal entry worksheet The Krug Company collected $10,200 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 November 1. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View genera

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1CP

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On 1.7.2019 XY company received rental revenue in advance from customer of OMR 3600 for two years. in the journal entry, the credit side is: Select one: a. Accrued rent 3600 b. Unearned rental revenue 3600 O c. Accrued rent 3600 O d. Unearned rental revenue 1800 e. Rent outstanding 3600
Unearned rent has a credit balance of P240,000 composed of the following: January 1 balance of P45,000 representing advance rent for four months, January to April. A credit of P195,000 representing advance rental payment for twelve(12) months beginning May 1. The December 31 adjusting entry will require a debit to Unearned Rent and a credit to Rent Revenue of: P175,000 P45,000 P240,000 P191,250
Calco Inc. rents its store location. Rent is $950 per month, payable quarterly in advance. On July 1, a check for $2,850 was issued to the landlord for the July–September quarter.Required: Prepare the Horizontal model and Journal entry for each of the following transactions. To record the payment on July 1, assuming that all $2,850 is initially recorded as Rent Expense. To record the adjustment that would be appropriate at July 31 if your entry in a had been made. To record the payment on July 1, assuming instead that all $2,850 is initially recorded as Prepaid Rent. To record the adjustment that would be appropriate at July 31 if your entry in c had been made. To record the adjustment that would be appropriate at August 31 and September 30, regardless of how the payment on July 1 had been initially recorded (and assuming that the July 31 adjustment had been made). Indicate the financial statement effect. If you were supervising the bookkeeper, how would you suggest that the July…
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P9-7 Determining Financial Statement Effects of Deferred Revenues LO9-1 A. Deferred revenues-customer deposits Eastern Brewing Company (EBC) distributes its products in an aluminum keg. Customers are charged a deposit of $22 per keg, and deposits received from customers are recorded in the keg deposits account. Required: 1. This part of the question is not part of your Connect assignment. 2. A production specialist who works for EBC estimates that 85 kegs for which deposits were received during the year will never be returned. How would the deposits related to these 85 kegs be reflected in the company's financial statements? (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) View transaction list Journal entry worksheet < 1 Record deposit revenue. Note: Enter debits before credits. Transaction A Record entry General Journal Clear entry Debit Credit View general journal
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Sanborn Company rents space to a tenant for $3,700 per month. The tenant has agreed to pay the November, December, and January rents in full on January 15. The adjusting entry for Sanborn on December 31 is: Multiple Choice O O O O O Debit Accounts Receivable, $3,700; credit Rent Revenue, $3,700. Debit Unearned Revenue, $7,400; credit Rent Revenue, $7,400. Debit Accounts Receivable, $11,100; credit Rent Revenue, $11,100. Debit Accounts Receivable, $7,400; credit Rent Revenue, $7,400. Debit Unearned Revenue, $3,700; credit Rent Revenue, $3,700.
Journalize the adjusting entry for each of the following accrued expenses at the end of the current year:a. Product warranty cost, $26,800.b. Interest on the 19 remaining notes owed to Gallardo Co.
Make the corresponding journal entries to report short-term liabilities. Make the journal entries. Make the adjusting entries for each expense accrued at the end of the year. The cost of the product warranty is $7,000. a. Journalizes the remaining interest on the Home Depot account. Date Transaction 2 February Merchandise was purchased on credit for $310,000 with a term of n/45 at Pueblo Caribe. 4 March Air Caribe provided a 5% note for $120,000 to Pueblo Caribe with a term of 30 days on credit. 6 May Pueblo Caribe paid the amount of the March 4 note. 10 May Consoles were purchased from Aire al Mayor for $75,000 on a 90-day note with a 4% discount. With payments of 25,000 per month. 12 June Borrowed (short term note/note payable) 30 days at 3% for $240,000 from Bank City. 15 June The past due amount of the May 10 transaction was paid. A customer purchased $2,000 of merchandise in cash. 18 July The…
Marcellus Purse conduct cleaning business on the credit basis. He provides the collects the sccount receivable in 60 days. The Allowance October 2019 is $3,993. The following information is available Douchd D 1. The business uses aging of account receivable method to count the bad de 2. The accountant is required to update the balance of allowance of dosud des OURE at the end of each month 3. On 5 October 2019 a total of $1.997 ewed by Lucy Frone has been deemed w uncollectable and therefore written off 4. The total sales recorded during 1 October 2019 to 31 October 2019 is $812577 The balance in the Account receivable on 31 October 2019 is $198.300 5. 6. On 31 October 2019 the accountant estimates that 3% of the account receivable is estimated as doubtful. Q3 Required (a) Prepare the Accounting Entries for the transactions or events relating to bad debt for the month ended 31 October 2019, ignore GST ( (b) Prepare and balance the T-account for Allowance for Doubtful Debts accounts as…
Make the corresponding journal entries to report short-term liabilities. Make the journal entries. Make the adjusting entries for each expense accrued at the end of the year. The cost of the product warranty is $7,000. a. Journalizes the remaining interest on the Home Depot account. Date Transaction 2 February Merchandise was purchased on credit for $310,000 with a term of n/45 at Pueblo Caribe. 4 March Air Caribe provided a 5% note for $120,000 to Pueblo Caribe with a term of 30 days on credit. 6 May Air Caribe provided a 5% note for $120,000 to Pueblo Caribe with a term of 30 days on credit. 10 May Consoles were purchased from Aire al Mayor for $75,000 on a 90-day note with a 4% discount. With payments of 25,000 per month. 12 June Borrowed (short term note/note payable) 30 days at 3% for $240,000 from Banco del Pueblo. 15 June The past due amount of the May 10 transaction was paid. A customer purchased…