Debiting cash and crediting unearned rent revenue

Assignment Help Financial Accounting

Reference no: EM131222600

Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. a. Unearned Rent Revenue. The Krug Company collected $15,000 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months’ rent in advance and occupancy began November 1. b. Unearned Services Revenue. The company charges $150 per month to spray a house for insects. A customer paid $600 on October 1 in advance for four treatments, which was recorded with a debit to Cash and a credit to Unearned Services Revenue. At year-end, the company has applied three treatments for the customer. c. Unearned Rent Revenue. On September 1, a client paid the company $42,000 cash for six months of rent in advance (the client leased a building and took occupancy immediately). The company recorded the cash as Unearned Rent Revenue.

Reference no: EM131222600

Questions Cloud

Required by the intra-entity inventory transfers : On January 1, 2014, Doone Corporation acquired 60 percent of the outstanding voting stock of Rockne Company for $384,000 consideration. At the acquisition date, the fair value of the 40 percent noncontrolling interest was $256,000 and Rockne’s assets..

Key responsibilities of certified public accountants : How would the use of full value accounting benefit investors in financial statements? What are the key responsibilities of Certified Public Accountants? What are the benefits of accounting in businesses?

Utilizes a process costing system : The Layton Company utilizes a process costing system and has only one processing department. The company’s ending work-in-process inventory on November 30th consisted of 44,000 units. These units were 100% complete with respect to materials and 65% c..

Debiting cash and crediting unearned rent revenue : Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries are made during the year. Unearned Rent Revenue. The Krug Company collected $15,000 rent in advance on November 1, debiting Cash ..

Income statement-job cost ledger and equipment ledger : Which of the following reflect the relationship between the balance sheet, income statement, job cost ledger and equipment ledger? When the changes to the revenues are not equal to the changes to the expenses and profit on the income statement we kno..

How much will you have if you make deposits : If you deposit $4,700 at the end of each of the next 25 years into an account paying 10.3 percent interest, how much money will you have in the account in 25 years? How much will you have if you make deposits for 50 years?

Personal-dependcy exemptions and taxable income : Compute the taxable income for 2016 for Emily based on the following information. Her filing status is single. To receive partial credit - be sure to show how you calculated Emily's AGI, Standard Deduction, Personal/Dependcy Exemptions, and Taxable I..

Small consulting firm has overhead rate : A small consulting firm has an overhead rate of 150% of direct labor charged to each job. The materials cost (including travel and other direct costs) for a particular job is $12,500 and the direct labor is $22,500. What is the total job cost for thi..

User Account

All Pages