I need help with this problem and accounting question Question: On July 1, Greenfield Corporation paid twelvemonths' rent in advance totaling $24,000. The rental periodbegins on July 1. An adjusted trial balance prepared onSeptember 30 would include a balance in the Prepaid Rentaccount of:A. $18,000B. $6,000C. $24,000D. $0

Step 1: Definition of Prepaid RentPrepaid Rent is an asset account representing rent paid in advance…

Answered: Question: On July 1, Greenfield…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

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

See similar textbooks

Similar questions

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
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
A credit sale of $1800 is made on July 15, terms 4/10, net/30, on which a return of $100 is granted on July 18. What amount is received as payment in full on July 24? a.) $1632 b.) $1800 c.) $1728 d.) $1775
A credit sale of $2800 is made on July 15, terms 4/10, net/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 24?
A company receives rent for subletting part of its office block. Rent, receivable quarterly in advance, is received as follows: Date of receipt Period covered $ 1 October 20X1 3 months to 31 December 20X1 7,500 30 December 20X1 3 months to 31 March 20X2 7,500 4 April 20X2 3 months to 30 June 20X2 9,000 1 July 20X2 3 months to 30 September 20X2 9,000 1 October 20X2 3 months to 31 December 20X2 9,000 What figures, based on these receipts, should appear in the company's financial statements for the year ended 30 November 20X2?
P9-7 Determining Financial Statement Effects of Deferred Revenues LO9-1 A. Deferred revenues-customer deposits Eastern Brewing Company (EBC) distributes its products in an aluminum keg. Customers are charged a deposit of $22 per keg, and deposits received from customers are recorded in the keg deposits account. Required: 1. This part of the question is not part of your Connect assignment. 2. A production specialist who works for EBC estimates that 85 kegs for which deposits were received during the year will never be returned. How would the deposits related to these 85 kegs be reflected in the company's financial statements? (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) View transaction list Journal entry worksheet < 1 Record deposit revenue. Note: Enter debits before credits. Transaction A Record entry General Journal Clear entry Debit Credit View general journal
A credit sale of $1,400 is made on July 15, terms 2/10, n/30, on which a return of $100 is granted on July 18. What amount is received as payment in full on July 24? $1,400 16. $1,274 c. $1,350 d. $1,372 Assume that you are the seller. Prepare the journal entry for the July 24th payment received.
10.4 Jelly Co has sublet part of its offices and in the year ended 30 November 20X3 the rent receivable was. Until 30 June 20X3 From 1 July 2OX3 $8,400 per year $12,000 per year Rent was paid quarterly in advance on 1 January, April, July, and October each year. What amounts should appear in Jelly Co's financial statements for the year ended 30 November 20X3 Rent receivable Statement of financial position A $9,900 $9,900 $10,200 $9,900 $2,000 in sundry payables $1,000 in sundry payables $1,000 in sundry payables $2,000 in sundry receivables C D
A credit sale of $750 is made on June 13, terms 2/10, net/30. A return of $50 is granted on June 16. The amount received as payment in full on June 23 is: a) $700 b) $686 c) $685 d) $650
The rent quartely on 1 January ,1 april,1 july and 1 October. the annual rent has been 24000 for some years but it was increased to 30000 from 1 july 20x5. what amount for rent should appear in the company's financial statement for the year ended 31 January 20x6
On October 1, Vista View Company rented warehouse space to a tenant for $2,100 per month and received $10,500 for five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting perlod ends on December 31. The Unearned Rent account balance at the end of December, after adjustment, should be: Multiple Choice $10,500. $6,300. $2,100. $8,400. $4,200. MacBook Air
A company has sublet part of its offices and in the year ended 30 November 20X3 the rent receivable was: Until 30 June 20X3 $8,400 per year From 1 July 20X3 $12,000 per year Rent was paid quarterly in advance on 1 January, April, July, and October each year. What amounts should appear in the company's financial statements for the year ended 30 November 20X3? Rent receivable Statement of financial position A. $9,900 $2,000 in sundry payables B. $9,900 $1,000 in sundry payables C. $10,200 $1,000 in sundry payables D. $9,900 $2,000 in sundry receivables

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Financial Accounting: The Impact on Decision Make…

Accounting

ISBN:

9781305654174

Author:

Gary A. Porter, Curtis L. Norton

Publisher:

Cengage Learning

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

Question: On July 1, Greenfield Corporation paid twelve months' rent in advance totaling $24,000. The rental period begins on July 1. An adjusted trial balance prepared on September 30 would include a balance in the Prepaid Rent account of: A. $18,000 B. $6,000 C. $24,000 D. $0