The adjusting entry that is to be made by the Apartment S on 31 st December.

Question

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Answer 1

Question

Chapter 3, Problem 1QC

To determine

To identify: The adjusting entry that is to be made by the Apartment S on 31^st December.

Expert Solution & Answer

Answer to Problem 1QC

(Option b) is the correct answer.

Explanation of Solution

Adjusting entries:

Adjusting entries are the journal entries which are recorded at the end of the accounting period to correct or adjust the revenue and expense accounts, to concede with the accrual principle of accounting.

Justification for the correct answer:

b. To adjust the unearned rent revenue at the end of 31^st December:

Date	Accounts title and explanation	Debit ($)	Credit ($)
December 31	Unearned rent revenue	2,800
	Rent revenue		2,800
	(To record adjusting entry for unearned rent revenue)

Table (1)

Unearned rent revenue is an asset. There is an increase in unearned rent revenue. Hence, debit unearned rent revenue with $2,800.
Rent revenue is a revenue account which is a component of stockholders’ equity. There is an increase in the rent revenue which increases the stockholders’ equity. Hence, credit rent revenue with $2,800.

As per the above explanation, Option ‘a’, ‘c’ and ‘d’ are the wrong answer. Option b is the correct answer.

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Answer 2

Question

Chapter 3, Problem 1QC

To determine

To identify: The adjusting entry that is to be made by the Apartment S on 31^st December.

Expert Solution & Answer

Answer to Problem 1QC

(Option b) is the correct answer.

Explanation of Solution

Adjusting entries:

Adjusting entries are the journal entries which are recorded at the end of the accounting period to correct or adjust the revenue and expense accounts, to concede with the accrual principle of accounting.

Justification for the correct answer:

b. To adjust the unearned rent revenue at the end of 31^st December:

Date	Accounts title and explanation	Debit ($)	Credit ($)
December 31	Unearned rent revenue	2,800
	Rent revenue		2,800
	(To record adjusting entry for unearned rent revenue)

Table (1)

Unearned rent revenue is an asset. There is an increase in unearned rent revenue. Hence, debit unearned rent revenue with $2,800.
Rent revenue is a revenue account which is a component of stockholders’ equity. There is an increase in the rent revenue which increases the stockholders’ equity. Hence, credit rent revenue with $2,800.

As per the above explanation, Option ‘a’, ‘c’ and ‘d’ are the wrong answer. Option b is the correct answer.

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Answer 3

Question

Chapter 3, Problem 1QC

To determine

To identify: The adjusting entry that is to be made by the Apartment S on 31^st December.

Expert Solution & Answer

Answer to Problem 1QC

(Option b) is the correct answer.

Explanation of Solution

Adjusting entries:

Adjusting entries are the journal entries which are recorded at the end of the accounting period to correct or adjust the revenue and expense accounts, to concede with the accrual principle of accounting.

Justification for the correct answer:

b. To adjust the unearned rent revenue at the end of 31^st December:

Date	Accounts title and explanation	Debit ($)	Credit ($)
December 31	Unearned rent revenue	2,800
	Rent revenue		2,800
	(To record adjusting entry for unearned rent revenue)

Table (1)

Unearned rent revenue is an asset. There is an increase in unearned rent revenue. Hence, debit unearned rent revenue with $2,800.
Rent revenue is a revenue account which is a component of stockholders’ equity. There is an increase in the rent revenue which increases the stockholders’ equity. Hence, credit rent revenue with $2,800.

As per the above explanation, Option ‘a’, ‘c’ and ‘d’ are the wrong answer. Option b is the correct answer.

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Answer 4

Question

Chapter 3, Problem 1QC

To determine

To identify: The adjusting entry that is to be made by the Apartment S on 31^st December.

Expert Solution & Answer

Answer to Problem 1QC

(Option b) is the correct answer.

Explanation of Solution

Adjusting entries:

Adjusting entries are the journal entries which are recorded at the end of the accounting period to correct or adjust the revenue and expense accounts, to concede with the accrual principle of accounting.

Justification for the correct answer:

b. To adjust the unearned rent revenue at the end of 31^st December:

Date	Accounts title and explanation	Debit ($)	Credit ($)
December 31	Unearned rent revenue	2,800
	Rent revenue		2,800
	(To record adjusting entry for unearned rent revenue)

Table (1)

Unearned rent revenue is an asset. There is an increase in unearned rent revenue. Hence, debit unearned rent revenue with $2,800.
Rent revenue is a revenue account which is a component of stockholders’ equity. There is an increase in the rent revenue which increases the stockholders’ equity. Hence, credit rent revenue with $2,800.

As per the above explanation, Option ‘a’, ‘c’ and ‘d’ are the wrong answer. Option b is the correct answer.

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Answer 5

Chapter 3, Problem 1QC

To determine

To identify: The adjusting entry that is to be made by the Apartment S on 31^st December.

Expert Solution & Answer

Answer to Problem 1QC

(Option b) is the correct answer.

Explanation of Solution

Adjusting entries:

Adjusting entries are the journal entries which are recorded at the end of the accounting period to correct or adjust the revenue and expense accounts, to concede with the accrual principle of accounting.

Justification for the correct answer:

b. To adjust the unearned rent revenue at the end of 31^st December:

Date	Accounts title and explanation	Debit ($)	Credit ($)
December 31	Unearned rent revenue	2,800
	Rent revenue		2,800
	(To record adjusting entry for unearned rent revenue)

Table (1)

Unearned rent revenue is an asset. There is an increase in unearned rent revenue. Hence, debit unearned rent revenue with $2,800.
Rent revenue is a revenue account which is a component of stockholders’ equity. There is an increase in the rent revenue which increases the stockholders’ equity. Hence, credit rent revenue with $2,800.

As per the above explanation, Option ‘a’, ‘c’ and ‘d’ are the wrong answer. Option b is the correct answer.

Answer 6

Chapter 3, Problem 1QC

To determine

To identify: The adjusting entry that is to be made by the Apartment S on 31^st December.

Expert Solution & Answer

Answer to Problem 1QC

(Option b) is the correct answer.

Explanation of Solution

Adjusting entries:

Adjusting entries are the journal entries which are recorded at the end of the accounting period to correct or adjust the revenue and expense accounts, to concede with the accrual principle of accounting.

Justification for the correct answer:

b. To adjust the unearned rent revenue at the end of 31^st December:

Date	Accounts title and explanation	Debit ($)	Credit ($)
December 31	Unearned rent revenue	2,800
	Rent revenue		2,800
	(To record adjusting entry for unearned rent revenue)

Table (1)

Unearned rent revenue is an asset. There is an increase in unearned rent revenue. Hence, debit unearned rent revenue with $2,800.
Rent revenue is a revenue account which is a component of stockholders’ equity. There is an increase in the rent revenue which increases the stockholders’ equity. Hence, credit rent revenue with $2,800.

As per the above explanation, Option ‘a’, ‘c’ and ‘d’ are the wrong answer. Option b is the correct answer.

Answer 7

Chapter 3, Problem 1QC

To determine

To identify: The adjusting entry that is to be made by the Apartment S on 31^st December.

Answer 8

Expert Solution & Answer

Answer to Problem 1QC

(Option b) is the correct answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Adjusting entries:

Adjusting entries are the journal entries which are recorded at the end of the accounting period to correct or adjust the revenue and expense accounts, to concede with the accrual principle of accounting.

Justification for the correct answer:

b. To adjust the unearned rent revenue at the end of 31^st December:

Date	Accounts title and explanation	Debit ($)	Credit ($)
December 31	Unearned rent revenue	2,800
	Rent revenue		2,800
	(To record adjusting entry for unearned rent revenue)

Table (1)

Unearned rent revenue is an asset. There is an increase in unearned rent revenue. Hence, debit unearned rent revenue with $2,800.
Rent revenue is a revenue account which is a component of stockholders’ equity. There is an increase in the rent revenue which increases the stockholders’ equity. Hence, credit rent revenue with $2,800.

As per the above explanation, Option ‘a’, ‘c’ and ‘d’ are the wrong answer. Option b is the correct answer.

Answer 12

Ch. 3 - Prob. 1QC Ch. 3 - Prob. 2QC Ch. 3 - Prob. 3QC Ch. 3 - Prob. 4QC Ch. 3 - Prob. 5QC Ch. 3 - Prob. 6QC Ch. 3 - Prob. 7QC Ch. 3 - Prob. 8QC Ch. 3 - Prob. 9QC Ch. 3 - Prob. 10QC

The adjusting entry that is to be made by the Apartment S on 31 st December.

To identify: The adjusting entry that is to be made by the Apartment S on 31st December.

Answer to Problem 1QC

Explanation of Solution

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Chapter 3 Solutions

To identify: The adjusting entry that is to be made by the Apartment S on 31^st December.