Question NO. 3 show the effect on Income statemet and Balance sheet 1. Mullins Real Estate received a check for $30,000 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 $30,000. Financial statements will be prepared on July 31. 2. New Slang Pest Control pays its employees total salaries of $11,000 every Monday for the preceding 5-day week (Monday-Friday). On Monday, December 27, 2016, employees were paid for the week ending December 24, 2016. All employees worked the five days ending December 31, 2016. 3. New Slang Pest Control performed disinfecting services for a client in December 2016. The client will be billed $3,200.
Question NO. 3 show the effect on Income statemet and Balance sheet 1. Mullins Real Estate received a check for $30,000 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 $30,000. Financial statements will be prepared on July 31. 2. New Slang Pest Control pays its employees total salaries of $11,000 every Monday for the preceding 5-day week (Monday-Friday). On Monday, December 27, 2016, employees were paid for the week ending December 24, 2016. All employees worked the five days ending December 31, 2016. 3. New Slang Pest Control performed disinfecting services for a client in December 2016. The client will be billed $3,200.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question NO. 3 show the effect on Income statemet and Balance sheet
1. Mullins Real Estate received a check for $30,000 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 $30,000. Financial statements will be prepared on
July 31.
2. New Slang Pest Control pays its employees total salaries of $11,000 every Monday
for the preceding 5-day week (Monday-Friday). On Monday, December 27, 2016,
employees were paid for the week ending December 24, 2016. All employees worked
the five days ending December 31, 2016.
3. New Slang Pest Control performed disinfecting services for a client in December
2016. The client will be billed $3,200.
4. On December 1, 2016, New Slang Pest Control collected $30,000 for disinfecting
processes to be performed from December 1, 2016, through May 31, 2016.
5. New Slang Pest Control borrowed $20,000 by signing a 10%, one-year note on July
1, 2016.
6. At December 31, 2016, before any year-end adjustments, Obama Company's
Insurance Expense account had a balance of $2,600 and its Prepaid Insurance
account had a balance of $7,600. It was determined that $3,200 of the Prepaid
Insurance had expired.
7.Boneta City College sold season tickets for the 2016 football season for $250,000. A
total of 8 games will be played during September, October and November. In
September, three games were played. The adjusting journal entry at September 30.
8. Ultramega Company collected $19,600 in May of 2016 for 5 months of service
which would take place from October of 2016 through February of 2017
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