provide correct answer of both................ I.On November 1, 20X3, your calendar year company receives $40,000 forspace it is subletting for 5 months at $8,000 a month from Nov 1 20X3through March 31, 20X4 and books the amount as rent Revenue. OnDecember 31 20X3 you discover the following adjusting entry.Rent Revenue32,000Rent Receive in Advance 32,000To correct this error you mustII.Your calendar year company completes a $6,000 job, of which $1,000 has beenreceived by year end and credited to revenue. If you discover before the books areclosed that no adjusting entry was made, your correcting entry will

Please refer to the above solution and explanation. Thank you!

Answered: I. On November 1, 20X3, your calendar…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 4SEA: SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end of year 1, JCs estimates that 2,000 of the...

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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
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SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end of year 1, JCs estimates that 2,000 of the current years sales will be returned in year 2. Prepare the adjusting entry at the end of year 1 to record the estimated sales returns and allowances and customer refunds payable for this 2,000. Use accounts as illustrated in the chapter.
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