On April 1, 2016, Maine Corporation paid $9,300 cash in advance for a one-year lease on an office building. Assume that Maine records the prepaid rent as an asset and that the books are closed on December 31. Show the payment for the one-year lease and the related adjusting entry to recognize rent expense in the accounting equation.

BT21 Company owns an office building and leases the office spaces under a one-year rental agreement.  Not all tenants make timely payments of their rent.  During the year 2020, the company received P1,500,000 from tenants.  The company’s statement of financial position on December 31, 2019, reported rent receivable of P100,000 and Unearned rent revenue of P40,000.  The statement of financial position on December 31, 2020, and income statement for the year ended December 31, 2020, reported rent receivable and rent revenue of P75,000 and 1,350,000 respectively. How much was BT21’s Unearned rent revenue on December 31, 2020?

Having sold the equipment, OPC pays off the note payable in full on 1/17. The amount paid is $23,613, which includes interest accrued in December and an additional $95 interest through January 17. Record the transaction.

Please answer in good accounting form. Thank you! 1. On September 1, 2021, AYE Company entered into one-year nonrenewable lease, commencing on that date, for an office space and made the following payments to XYZ Properties:• Bonus to obtain lease - ₱ 120,000• First month’s rent - ₱ 40,000• Last month’s rent - ₱ 40,000The lease is considered “Short-term lease” in its income statement for the year ended Dec. 31, 2021.  What amount should AYE report as rent expense for the year ended, December 31, 2021? 2. On January 1, 2021, BEE Corporation signed a 3-year operating lease for various office furniture and equipment at ₱300,000 per year. The lease included a provision for additional rent of 5% of annual company sales in excess of ₱2,000,000. BEE’s sales for the year ended Dec. 31, 2021 were ₱2,500,000. Upon execution of the lease, BEE Corporation paid ₱100,000 as a bonus for the lease What is BEE’s rent expense for the year ended December 31, 2021 if the lease is considered a “Low…

On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20. Required: a. Prepare the journal entry as it would appear in Dilby's accounting records. b. Assume the receivable established on June 7 was collected on June 27. Record the entry.

On October 1, 2017, Trend Sound System Company leased office space at a monthly rental of P30,000 for 10 years expiring September 30, 2027. As an inducement for Trend to enter into a lease, the lessor permitted Trend to occupy the premises rent-free from October 1 to December 31, 2017. Improvements were made at the leased office at a total cost of P300,000, the improvements were finished on October 31, 2017. It was estimated that the improvements will be useful for 5 years. For the year ended December 31, 2017, Trend should record total expenses related to the lease facilities of10,00087,75097,750100,000

The GAP Inc. discloses the following schedule to its fiscal 2018 (ended February 2, 2019) 10-K report relating to its leasing to its leasing activities. Note: Complete the entire question in Excel and format each answer to two decimal places. Then enter the answers into the provided spaces below with two decimal places. The aggregate minimum noncancelable annual lease payments under leases in effect on February 2, 2019, are as follows: Fiscal Year ($ millions) 2019 $1,098 2020 1,043 2021 847 2022 694 2023 512 Thereafter Total minimum lease commitments $5,638 1,444 Compute the present value of GAP's operating leases using the following assumptions Assmption Discount rate Round remaining lease term to the nearest whole year Year Present Value 1 $ 0 2 0 3 0 4 0 5 0 >5 0 $ 0 6%

1. Entity A received a 12% P200,000, note receivable on October 1, 2011. Entity A uses a calendar year period. The principal and interest on the note are due on October 1, 2012. What is the adjusting entry to take up accrued interest income on Dec. 31, 2011?2. Entity A is renting out its building to tenant for a monthly rent of P30,000. As of December 31,2011, the tenant has not yet paid the rent for the months November and December. What is the adjusting entry to take up accrued rent income on December 31, 2011?3. Entity A issued a 12% P500,000, one-year note payable on July 1, 2011. The principal and Interest are due on July 1, 2011. What is the adjusting entry to take up interest expense on December 31, 2011?4. Entity A has equipment with a historical cost of P 1 ,000,000. The equipment was estimated to have a 10- year useful life when was acquired four years ago . What is the adjusting entry to take up the annual depreciation expense on December 31, 2011?5. Entity A total accounts…

Connors Company paid $700 cash to make a repair on equipment it sold under a oneyear warranty in the prior year. The entry to record the payment will debita. Accrued Warranty Payable and creditCash.b. Operating Expense and credit Cash.

Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2021. Chance elected the short-term lease option. Appropriate adjusting entries are made annually. Related Information: Lease term Monthly lease payments Economic life of asset Interest rate charged by the lessor Required: Prepare appropriate entries for Chance from the beginning of the lease through April 1, 2021. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 Note: Enter debits before credits. Record the beginning of the lease for Chance. Date January 01, 2021 5 Record entry 1 year (12 monthly periods) $78,000 at Jan. 1, 2821, through Dec. 1, 2821. 5 years 9% General Journal Clear entry Debit Credit View general Journal