I need answer of this question solution general accounting On April 1, 2016, Maine Corporation paid $9,300 cash inadvance for a one-year lease on an office building. Assumethat Maine records the prepaid rent as an asset and that thebooks are closed on December 31.Show the payment for the one-year lease and the relatedadjusting entry to recognize rent expense in the accountingequation.

Step 1: Define Accounting Equation:It represents the relationship between a person's assets,…

Answered: On April 1, 2016, Maine Corporation…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On October 1, 2019, Viking Trivia Company paid $72,000 for a two-year lease on an office building. The payment was recorded as prepaid rent, and the lease commenced on the date of payment. Debit Account: Debit Amount: Credit Account: Credit Amount:
Suysan Company owns an office building and leases the office under a variety of rental agreements involving rent paid in advance monthly or annually. Not all tenants make timely payments of their rent. Suysan’s balance sheets contained the following data: 2018 Rental Receivable: P192,000 2019 Rental Receivable: P248,000 2018 Unearned Rentals: P640,000 2019 Unearned Rentals: P480,000 During 2019, Suysan received P1,600,000 from tenants. What amount of rental revenues should Suysan record for 2019? P1,708,000 P1,332,000 P1,816,000 P1,440,000
BT21 Company owns an office building and leases the office spaces under a one-year rental agreement. Not all tenants make timely payments of their rent. During the year 2020, the company received P1,500,000 from tenants. The company’s statement of financial position on December 31, 2019, reported rent receivable of P100,000 and Unearned rent revenue of P40,000. The statement of financial position on December 31, 2020, and income statement for the year ended December 31, 2020, reported rent receivable and rent revenue of P75,000 and 1,350,000 respectively. How much was BT21’s Unearned rent revenue on December 31, 2020?
Sheridan Company made the following journal entry in late 2021 for rent on property it leases to Danford Corporation. Cash 143000 Unearned Rent Revenue 143000 The payment represents rent for the years 2022 and 2023, the period covered by the lease. Sheridan Company is a cash basis taxpayer. Sheridan has income tax payable of $223000 at the end of 2021, and its tax rate is 25%.Assuming the income taxes payable at the end of 2022 is $248000, what amount of income tax expense would Sheridan Company record for 2022?
Please answer in good accounting form. Thank you! 1. On September 1, 2021, AYE Company entered into one-year nonrenewable lease, commencing on that date, for an office space and made the following payments to XYZ Properties:• Bonus to obtain lease - ₱ 120,000• First month’s rent - ₱ 40,000• Last month’s rent - ₱ 40,000The lease is considered “Short-term lease” in its income statement for the year ended Dec. 31, 2021. What amount should AYE report as rent expense for the year ended, December 31, 2021? 2. On January 1, 2021, BEE Corporation signed a 3-year operating lease for various office furniture and equipment at ₱300,000 per year. The lease included a provision for additional rent of 5% of annual company sales in excess of ₱2,000,000. BEE’s sales for the year ended Dec. 31, 2021 were ₱2,500,000. Upon execution of the lease, BEE Corporation paid ₱100,000 as a bonus for the lease What is BEE’s rent expense for the year ended December 31, 2021 if the lease is considered a “Low…
Windsor, Inc. borrows $67,200 from Wildhorse Co. on July 1, 2021 signing a 4%, one-year note payable. Interest is to be paid at maturity. Prepare journal entry for Windsor, Inc. to record the receipt of the proceeds of the note. Prepare journal entry for Windsor, Inc. to record the accrued interest at December 31, assuming adjusting entries are made only at year end. Prepare journal entry for Windsor, Inc. to record the payment of the note at maturity.
Chavis Company signed a one-year lease on April 1, 2022, and paid the $22, 800 total year's rent in advance. Chavis recorded the transaction as a debit to Prepaid Rent and a credit to Cash. What adjusting entry should Chavis make on December 31, Year 1 (no previous adjustment has been made)? Select one: A. Prepaid Rent 5, 700 Rent Expense 5, 700 B. Rent Expense 5, 700 Prepaid Rent 5,700 C. Prepaid Rent 17, 100 Rent Expense 17,100 D. Rent Expense 17, 100 Prepaid Rent 17, 100
Hi, How do i record the journal entires for these transcations? Thanks
Prepare all of the journal entries for the lessor for 2020 and 2021 to record the lease agreement, the receipt of lease payments, and the recognition of revenue. Assume the lessor's annual accounting period ends on December 31, and it does not use reversing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date 1/1/20 /1/20 2/31/20 /1/21 2/31/21 Lease Receivable Cost of Goods Sold Sales Revenue (To record the lease) Cash Lease Receivable (To record the receipt of lease payment) Lease Receivable Interest Revenue Cash Lease Receivable Lease Receivable Interest Revenue Debit 451,000.00 I Credit 451,000.00
On November 1, 2021, Dual Systems borrows $290,000 to expand operations. Dual Systems signs a six-month, 9% promissory note. Interest is payable at maturity. Dual System's year-end is December 31. 1., 2. & 3. Record the following transactions for the note payable by Dual Systems. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Record the issuance of the note by Dual Systems. Date General Journal Debit Credit Nov 01, 2021 Record the appropriate adjusting entry for the note by Dual Systems on December 31, 2021. Date General Journal Debit Credit Dec 31, 2021 Record the payment of the note by Dual Systems at maturity on April 30,…
On November 1, 2024, Dual Systems borrows $140,000 to expand operations. Dual Systems signs a six-month, 7% promissory note. Interest is payable at maturity. Dual System's year-end is December 31. Required: 1., 2. & 3. Record the following transactions for the note payable by Dual Systems. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) View transaction list Journal entry worksheet < 1 2 3 Record the issuance of the note on November 1, 2024, Note: Enter debits before credits. Date November 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal G 110 E
990.

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