I.On November 1, 20X3, your calendar year company receives $40,000 forspace it is subletting for 5 months at $8,000 a month from Nov 1 20X3through March 31, 20X4 and books the amount as rent Revenue. OnDecember 31 20X3 you discover the following adjusting entry.Rent Revenue32,000Rent Receive in Advance 32,000To correct this error you mustII.Your calendar year company completes a $6,000 job, of which $1,000 has beenreceived by year end and credited to revenue. If you discover before the books areclosed that no adjusting entry was made, your correcting entry will

Step 1: Introduction to journal entryAdjusting entries are accounting entries that are made at the…

Answered: I. On November 1, 20X3, your calendar…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 4SEA: SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end of year 1, JCs estimates that 2,000 of the...

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On 1.7.2019 XY company received rental revenue in advance from customer of OMR 3600 for two years. in the journal entry, the credit side is: Select one: a. Accrued rent 3600 b. Unearned rental revenue 3600 O c. Accrued rent 3600 O d. Unearned rental revenue 1800 e. Rent outstanding 3600
Unearned rent has a credit balance of P240,000 composed of the following: January 1 balance of P45,000 representing advance rent for four months, January to April. A credit of P195,000 representing advance rental payment for twelve(12) months beginning May 1. The December 31 adjusting entry will require a debit to Unearned Rent and a credit to Rent Revenue of: P175,000 P45,000 P240,000 P191,250
TO: Bill Bugnay MEMORNDUM FROM: M. Lasker Please make the GST Remittances (nomally monthly) to the Receiver General for November (#2147) now as we will be closed until January 5.20XX + 1. For Computer Software Applications: November Detail Sales for GST purposes Purchases for ITC purposes Owing (December 1 Balance carried Forward) GST $1,000,000 $50.000 $759,000 $37.950 $12.050 (#2147) Thanks Arif Record the transaction in the general journal.
On November 19, Nicholson Company receives a $24,000, 60-day, 6% note from a customer as payment on account. What adjusting entry should be made on the December 31 year-end? (Use 360 days a year.) Multiple Choice Debit Interest Revenue $240; credit Interest Receivable $240. Debit Notes Receivable $168; credit Interest Receivable $168. Debit Notes Receivable $72; credit Interest Revenue $72. Debit Interest Receivable $168; credit Interest Revenue $168. Debit Interest Receivable $240; credit Interest Revenue $240.
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
Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.
SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end of year 1, JCs estimates that 2,000 of the current years sales will be returned in year 2. Prepare the adjusting entry at the end of year 1 to record the estimated sales returns and allowances and customer refunds payable for this 2,000. Use accounts as illustrated in the chapter.
On November 19, Nicholson Company receives a $21,600, 60-day, 5% note from a customer as payment on account. What adjusting entry should be made on the December 31 year-end? (Use 360 days a year.) Multiple Choice Debit Notes Receivable $54; credit Interest Revenue $54. Debit Notes Receivable $126; credit Interest Receivable $126. Debit Interest Receivable $126; credit Interest Revenue $126. Debit Interest Receivable $180; credit Interest Revenue $180. Debit Interest Revenue $180; credit Interest Receivable $180.
On November 19, Nicholson Company receives a $15,000, 60-day, 8% note from a customer as payment on account. What adjusting entry should be made on the December 31 year-end? use 360 days a year
on december 1st Daw company accepts a $18,000, 45-day, 10% note from a customer. 1. prepare the year end adjusting entry to record accrued interest revenue on december 31st. 2. prepare the entry required on the notes maturity date assuming it is honored. note: using 360 days a year
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
On October 1, Black Company receives a 8% interest-bearing note from Reese Company to settle a $18,600 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $369 Оb. $372 Ос. $382 Od. $379

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