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:
CB 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 2021, CB, Inc. received P800,000 from tenants. The company’s statement of financial position on December 31, 2020 reported Rent Receivable of P96,000 and Unearned Rent Revenue of P320,000. The statement of financial position on December 31, 2021 and income statement for the year ended December 31, 2021 reported Rent Receivable and Rent Revenue of P124,000 and P908,000, respectively. How much was CB’s unearned rent revenue on December 31, 2021?
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What amount of rental revenue should YELLOW record for 2021?
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In an analysis of the statement of ABC Company for the year ended December 31, 2021, the following errors are discovered: 1. ABC paid three - year insurance premium of P 239,400 effective April 1, 2020. The entire amount was debited to expense account and no adjustment was made at the end of 2020 and 2021. 2. ABC leased a portion of its building for P 480.420. The term of the lease is three years starting March 1, 2019. Collection of rent was credited to unearned revenue account. At the end of 2020 and 2021, no entry was made to adjust the transaction. 3. Depreciation expense in 2020 was understated by P 12.000. 4. Depreciation expense in 2020 was overstated by P 14,000. 5. Bad debts expense of 11,000 was not recorded in 2021. 6. Major repairs on the company's furniture and fixture for the years 2019 and 2020 in amount of P 30,000 and P 60,000, respectively, were recognized as outright expenses. The company depreciates furniture and fixture at 15% per annum, but depreciation in the…
On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20. Required: a. Prepare the journal entry as it would appear in Dilby's accounting records. b. Assume the receivable established on June 7 was collected on June 27. Record the entry.

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