c. Island Vista had a December 31, 2024 ending balance in its prepaid rent account of $1,700. During the year the company made payments for prepaid rent of $600 and recorded rent expense for the year of $700. What is the company's beginning balance in its Prepaid Rent account as of January 1, 2024? Beginning balance in prepaid rent =

c. Island Vista had a December 31, 2024 ending balance in its prepaid rent account of $1,700. During the year the company made payments for prepaid rent of $600 and recorded rent expense for the year of $700. What is the company's beginning balance in its Prepaid Rent account as of January 1, 2024? Beginning balance in prepaid rent =

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...

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On the 1.7.2019 XY company received rental revenue in advance from customers of OMR 2400 for two years. in the journal entry, the credit side is: Select one: a. None of These b. Prepaid rent 2400 c. unearned revenue 2400 d. Accrued rent 2400.
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
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On 1 January 2019, the company paid OMR 4500 cash as rent expenses for two months. Select one: a. Date Particulars Debit Credit (OMR) (OMR) 1 Jan Prepaid Rent 4500 Cash 4500 O b. Date Particulars Debit Credit (OMR) (OMR) 1 Jan Cash Prepaid rent 43500 4500 c. None of these O d. Date Particulars Debit Credit (OMR) (OMR) 1 Jan Rent 4500 Cash 4500
On 1 January 2020, a tenant paid OMR 18000 in advance for rental to Dhofar LLC for the next six months. At the end of April 2020, 4 month advanced rental amount has been expired. Record the expired rental income at the end of April 2020. Select one: a. Date Particulars Debit (OMR) Credit (OMR) April 30 Prepaid Rental Income Dr. Rental Income Cr. 18000 18000 b. Date Particulars Debit (OMR) Credit (OMR) April 30 Cash Dr. Unearned Rental Income Cr. 18000 18000 c. Date Particulars Debit (OMR) Credit (OMR) April 30 Rental Income Receivable Dr. Rental Income Cr. 12000 12000 d. Date Particulars Debit (OMR) Credit (OMR) April 30 Prepaid Rental Income Dr. Rental Income Cr. 12000 12000 e. Date Particulars Debit (OMR) Credit (OMR) April 30 Rental Expenses Dr. Prepaid Rent Cr. 12000 12000 f. Date Particulars Debit (OMR) Credit (OMR) April 30 Unearned Rental Income Dr. Rental…
S b. Island Vista had a January 1, 2024 beginning balance in its Prepaid Rent account of $500. During the year the company made payments for prepaid rent of $1,300. Island Vista recorded rent expense for the year of $1,500. What is the company's ending balance in its Prepaid Rent account as of December 31, 20247 Ending balance in Prepaid Rent = Get more help. Clear all Ch
1. What is the rent revenue for the year ended June 30, 2022? 2. On June 30, 2023, what amount should be reported as accrued rent receivable?
The Eldorado Corporation's controller prepares adjusting entries only at the end of the reporting year. The following adjusting entries were prepared on December 31, 2021: Debit Credit Interest expense 5,400 Interest payable Rent expense Prepaid rent Interest receivable Interest revenue 5,400 17,500 17,500 450 450 Additional information: 1. The company borrowed $180,000 on March 31, 2021. Principal and interest are due on March 31, 2022. This note is the company's only interest-bearing debt. 2. Rent for the year on the company's office space is $42,000. The rent is paid in advance. 3. On October 31, 2021, Eldorado lent money to a customer. The customer signed a note with principal and interest at 3.0% due in one year. Required: 1. What is the interest rate on the company's note payable? 2. The 2021 rent payment was made at the beginning of which month? (Do not round your intermediate calculation.) 3. How much did Eldorado lend its customer on October 31?
Rent prepaid at the beginning of the 2020 accounting period was GHC 1,250. During the period Gyemeso Fun Club paid rent to the tune of GHC 4,320 and still had GHC 780 still outstanding at the end of the period. Determine the amount of rent that should be shown in the income and expenditure account.
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On 1 January 2019, the company paid OMR 4500 cash as rent expenses for two months. Select one: a. None of these b. Date Particulars Debit (OMR) Credit (OMR) 1 Jan Rent Cash 4500 4500 c. Date Particulars Debit (OMR) Credit (OMR) 1 Jan Cash Prepaid rent 43500 4500 d. Date Particulars Debit (OMR) Credit (OMR) 1 Jan Prepaid Rent Cash 4500 4500