Please Provide answer On December 1, Phone Center received $4,800 for twoyears rent in advance from Garrison Company. TheDecember 31 adjusting entry that Phone Center shouldmake is toa. debit Rental income; credit Unearned Rent $2,400b. debit Cash; credit Rental Income $2,400c. debit Unearned Rent; credit Rental Income $200d. debit Unearned Rent; credit Rent Expense $200

Step 1: Introduction to the Adjusting EntriesAdjusting entries are journal entries made after the…

Answered: On December 1, Phone Center received…

Cornerstones of Financial Accounting

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Chapter3: Accrual Accounting

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Problem 8MCQ: Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Rent for the...

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8) Rent Income account has a credit balance of 240,000 composed of the following: Rental for three months ending March 31, 2020, 45000 A credit of 195,000 representing advance rental payment for one year beginning April 1 The December 31 adjusting entry will require a debit to rent income and a credit to Unearned Rent of? A 45000 B 191250 C 48750 D 195000
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Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Rent for the 3 months totals S3,600. On December 31, 2019, Hurd will report Prepaid Rent of: a. $0 b. $1,200 c. $2,400 d. $3,600
ah6 please help me. Thankyou. Aurora Company received a four-month 6%, 2,800 note receivable on December 1. The adjusting entry on December 31 will include Question content area bottom Part 1 A. debit Interest Receivable 14. B. credit Interest Revenue 14. C. both a and b. D. credit Interest Revenue 168 .
Jones Company received an invoice for $1,450 dated August 28, terms/EOM. (A) What is the last date of the discount and credit periods? Discount period Credit period
On November 19, Nicholson Company receives a $21,600, 60-day, 5% note from a customer as payment on account. What adjusting entry should be made on the December 31 year-end? (Use 360 days a year.) Multiple Choice Debit Notes Receivable $54; credit Interest Revenue $54. Debit Notes Receivable $126; credit Interest Receivable $126. Debit Interest Receivable $126; credit Interest Revenue $126. Debit Interest Receivable $180; credit Interest Revenue $180. Debit Interest Revenue $180; credit Interest Receivable $180.
On November 19, Nicholson Company receives a $24,000, 60-day, 6% note from a customer as payment on account. What adjusting entry should be made on the December 31 year-end? (Use 360 days a year.) Multiple Choice Debit Interest Revenue $240; credit Interest Receivable $240. Debit Notes Receivable $168; credit Interest Receivable $168. Debit Notes Receivable $72; credit Interest Revenue $72. Debit Interest Receivable $168; credit Interest Revenue $168. Debit Interest Receivable $240; credit Interest Revenue $240.
On 1 May 20X0, A pays a rent bill of $1,800 for the period to 30 April 20X1. What is the charge to the income statement and the entry in the statement of financial position for the year ended 30 November 20X0?A $ 1,050 charge to income statement and prepayment of $750 in the statement of financial positionB $ 1,050 charge to income statement and accrual of $750 in the statement of financial positionC $1,800 charge to income statement and no entry in the statement of financial positionD $750 charge to income statement and prepayment of $ 1,050 in the statement of financial position Answer the question and explain why did you choose this answer
Problem 8: From the following receipt and payment account of Edhi Centre, prepare an income and expenditure account for the year ended 31-12-2023 and a Balance sheet as on that date. Particulars Balance b/d Entrance fee Subscription 2022 2023 2024 Locker rent Miscellaneous Adjustments: Receipt and payment account For the year ended 31-12-2023 Dr.(AED) Particulars Cr. (AED) 130 Rates 2,500 210 Stationery 340 General expenses 3,610 70 Building (Purchased on 1- 2,500 7-2023) 10,520 Repairs 300 420 Mortgage interest 1,600 300 Balance c/d 2,460 1,660 13,310 13,310 1. Locker rent AED 20 referred to the previous year and AED 30 is still owing. 2. Rates AED 20 referred to the previous year and AED 500 is still owing. 3. Subscription unpaid for the current year AED 200. 4. Depreciate building by 5% p.a. ||
On December 1 of the current year, Prepaid Rent was debited $7,200 for three months of rent, to cover the period December 1 to February 28. The amount of the adjusting entry on December 31 is: O A. SO OB. $4,800. Oc. $7,200. OD. $2,400. 0of Click to select your answer. 110nm 1O 99.
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Step 1 In the credit account statement below, the values of the annual percentage rate (APR), finance charge, and the new balance must be calculated. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $1,026.61 1.75% $322.20 $300.00 Recall that the annual percentage rate (APR) is tied to the monthly periodic rate by the following formula. monthly periodic rate = APR 12 By solving this equation for the APR, the known value for the monthly periodic rate can be substituted to calculate the APR. APR = monthly periodic rate ✕ 12 The…
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