On May 1, Boyz Security Servicesrented office space and paid twomonth's rent in advance in theamount of P8,000. The entry wouldbe *debit to prepaid rent, P8,000; credit to cash,P8,000.debit to expenses rent, P8,000; credit tocash, P8,000.debit to prepaid rent, P8,000; credit toaccounts payable, P8,000.debit to expenses rent, P8.000; credit toaccounts payable, P8,000.Helenita Ruiz invested P240,000 inthe business. The transaction resultedto *cash increase; capital increase.cash increase; liability increase.cash increase; assets decrease.cash increase; liability decrease.

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Answered: On May 1, Boyz Security Services rented…

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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Sheffield Corp. received a check for $19080 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $19080. Financial statements will be prepared on July 31. Sheffield's should make the following adjusting entry on July 31: debit Unearned Rent Revenue, $19080; credit Rent Revenue, $19080. debit Cash, $19080; credit Rent Revenue, $19080. debit Rent Revenue, $3180; credit Unearned Rent Revenue, $3180. debit Unearned Rent Revenue, $3180; credit Rent Revenue, $3180.
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On May 1, Boyz Security Services rented office space and paid two month's rent in advance in the amount of P8,000. The entry would be * debit to prepaid rent, P8,000; credit to cash, P8,000.