ADJUSTING ENTRIES Your business uses a calendar yeal accounting period. The following were among your transactions during the year: Require (a):  Your business is renting a space for a monthly rental of $22,000. As of December 31, 20x1, your business has not yet paid the December rent. What is the adjusting entry on December 31, 20x1? Require (b): Your business has total accounts receivable of P400,000 as of 31. 20x1. Of that amount, 5% is doubtful of collection and should be expensed.

Q: A company has sublet part of its offices and in the year ended 30 November 20X3 the rent receivable…

A: The rent receivable until 30 June 20X3 is $8,400 per year. However, the financial year ends on 30…

Q: business like NetSolutions estimates customer refunds and allowances for each year’s sales that…

A: Customer refunds and allowances is a current liability as cash outflow will be required to settle…

Q: On August 1, Wilshire Company borrowed $150,000 from People's National Bank on a 1-year, 8% note.…

A: Note payable: Note payable is a form of promissory note which is provided by the lender to the…

Q: REQUIRED Record the adjustment journal entry in respect of rent income in the books of NT Stores as…

A:

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: What is the adjusting entry to take up accrued rent income on December 31, 20x1?

A: Adjusting journal entry helps accountants to make required adjustments in the related account…

Q: On August 1, Ward Company received $7,800 for six months of rent in advance. Ward Company recorded…

A: Lets understand the basics.Adjusting entry is required to pass to record correct amount of revenue…

Q: On September 15, 2024, Oliver's Mortuary received a $6,000 note from the estate of Jay Hendrix in…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

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: Journalize the adjusting transaction. Unistant Company received $18,000 on November 1 for six…

A: A journal serves as a book of primary entry in which all the financial transactions pertaining to…

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: On August 1, Mitchell Company received $21,900 for six months of rent in advance. Required:   1.…

A: Rent revenue of the current year the revenue which is accured this year not in the next year. It is…

Q: c. Island Vista had a December 31, 2024 ending balance in its prepaid rent account of $1,700. During…

A: Prepaid Rent :— It is the advance payment for rent expense which is incurred in future date.…

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: Smokey Company purchases a one-year insurance policy on July 1 for $12,552. The adjusting entry on…

A: Adjusting entries are the journal entries that made at the end of the year in order to recognise the…

Q: Metlock, Inc. received a check for $16200 on July 1, which represents a 6-month advance payment of…

A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: The balance in the prepaid rent account before adjustment at the end of the year is $20,345, which…

A: Adjusting entries: It is an entry pass to balance the debit and credit amount at the end of the…

Q: A business sublets part of its office accommodation. The rent is received quarterly in advance on 1…

A: The company can record a business transaction using journal entries. for example cash sale…

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: Assume that on February 1, Procter & Gamble (P&G) paid $674,400 in advance for 2 years' insurance…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: For each of the following items, write first the journal entry and then, the adjusting entry if any,…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Each and every…

Q: A company’s adjusting entry for prepaid insurance is a debit to insurance expense for P600. If the…

A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the…

Q: Complete the following adjusting entry for Mookie The Beagle Concierge.Interest on Mookie The Beagle…

A: given that, principal = $1000 rate of interest = 6% interest calculation = principle * rate of…

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: ecord adjusting journal entries for each separate case elow for year ended December 31. ssume no…

A: To keep track of financial transactions, journal entries are used. To create a journal entry, you…

Q: Chris Phillip financial year end is December 31 each year. The following information and…

A: Kindly refer explanation section for detailed answer. Explanation:Prepaid Rent and Adjustment :…

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

A: Advance rent is a liability for the company, for which revenue is to be recorded in later period.…

Q: 37, Best Company uses accrual accounting and closes its books every December 31. On April 1, 2022,…

A: Interest receivable from April 1, 2022 to December's 31, 2022 = issue  price of note × interest rate…

Q: On November 1, Rosewood apartments received $4800 from a tenant for three months’ rent. The receipt…

A: Adjustment amount = $4,800  x 2 months / 3 months = $3,200

Q: On November 1, the company rented space to another tenant for $2,627 per month. The tenant paid five…

A: Total 5 months rent is paid in advance. Rent paid in advance relating to the year = 2 months…

Q: A business provides its employees with varying amounts of vacation per year, depending on the length…

A: Answer a:

Q: A business provides its employees with varying amounts of vacation per year, depending on the length…

A: Vacation pay is provided by the employer to their full-time employee where employees are allowed to…

Q: On 1 January 2020, a company received OMR 14000 cash as rent revenue for two years. Pass the…

A: Revenue earned on December 31, 2020 = Total amount received / Total period = OMR 14000 / 2 years =…

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: 1. Your examination of the financial statements of SHEKIN Company disclosed the following…

A: Adjusting entries are those form of journal entries which are passed at the end of accounting period…

Property Insurance

Property insurance protects property from unforeseeable loss or damage and covers property owners' liability. Property insurance provides financial compensation to the property owner or renter in the event of damage or theft, as well as to someone other than the owner or renter if that person is injured on the property. Property insurance covers all risks of damage caused by theft, fire, flood, cyclones, lighting, and natural calamities, among other things. The primary goal of property insurance is to require the property owner to cover the loss. A monthly premium is paid to the insurance company, and in exchange, the insurance company pays for damage based on the agreement stated in the policy. Property insurance protects assets such as a vehicle, auto, car, rental home, house, and valuable property.