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Compute for rent expense under accrual basis

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Reference no: EM132569808

Question 1: Company provided you the following information for the current year: Accrued Rent Income - January 1, 2020 ?400,000 Accrued Rent Income - December 31, 2020 200,000 Unearned Rent Income - January 1, 2020 300,000 Unearned Rent Income - December 3,1 2020 500,000 Rental payments received 1,000,000

Requirements:

1. Rent income under cash basis method of accounting.

2. Rent income under accrual basis method of accounting.

3.Jounal entry

Question 2: Company provided you the following information for the current year:Prepaid Insurance - January 1, 2020 ?400,000 Prepaid Insurance - December 31, 2020 200,000 Decrease in Insurance Payable 300,000 Payments made 1,000,000

Requirement:

1. Compute for Rent Expense under accrual basis method of accounting.

2. Journal entry

Reference no: EM132569808

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