Requirement 1 Prepare the General Journal entry to record the $12,000 payment made when the rental contract was signed on June 20, 2021. Requirement 2 Fill-in the amounts on the Prepaid Rent timeline. The boxes above the timeline show the amount of Prepaid Rent still remaining at various dates during the four month period. The boxes below the timeline show the amount of Prepaid Rent that expires (is used-up) during each of the four months. Hint: The amount that expires will be the same each month. Requirement 3 Prepare a "T" account analysis to determine the required July 31 adjustment to the Prepaid Rent account. on the amount of Aut onth period Prepare the July 31 General Journal adjusting entry for Prepaid Rent. Requirement 4 and Requirement 5 Assuming that all monthly General Journal adjusting entries were correctly made: boxes ebove D What would be the amount of Prepaid Rent shown on Amy's Floral Shop, Inc.'s Balance Sheet as of August 31, 2021? he four months D What would be the amount of Rent Expense on the Income Statement for the period August 1 to August 31, 2021?

Requirement 1 Prepare the General Journal entry to record the $12,000 payment made when the rental contract was signed on June 20, 2021. Requirement 2 Fill-in the amounts on the Prepaid Rent timeline. The boxes above the timeline show the amount of Prepaid Rent still remaining at various dates during the four month period. The boxes below the timeline show the amount of Prepaid Rent that expires (is used-up) during each of the four months. Hint: The amount that expires will be the same each month. Requirement 3 Prepare a "T" account analysis to determine the required July 31 adjustment to the Prepaid Rent account. on the amount of Aut onth period Prepare the July 31 General Journal adjusting entry for Prepaid Rent. Requirement 4 and Requirement 5 Assuming that all monthly General Journal adjusting entries were correctly made: boxes ebove D What would be the amount of Prepaid Rent shown on Amy's Floral Shop, Inc.'s Balance Sheet as of August 31, 2021? he four months D What would be the amount of Rent Expense on the Income Statement for the period August 1 to August 31, 2021?

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, 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
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