User Account

All Pages

Find mccloud realty company ltd should make adjusting entry

Assignment Help Financial Accounting
Reference no: EM132671950

Problem 1: McCloud Realty Company Ltd received a cheque for $21,000 on 1 July, which represents six months' rent received in advance. Revenue received in advance account was credited with $21,000. Financial statements will be prepared on 31 July. McCloud Realty Company Ltd should make the following adjusting entry on 31 July:

Select one:

a. Debit Revenue received in advance, $3,500; Credit Rental revenue, $3,500
b. Debit Rental revenue, $3,500; Credit Revenue received in advance, $3,500
c. Debit Revenue received in advance, $21,000; Credit Rental revenue, $21,000
d. Debit Cash, $21,000; Credit Rental revenue, $21,000
e. None of the above

Reference no: EM132671950

Questions Cloud

Determine the payback period of a project with a cost : Determine the Payback period of a project with a cost of R100 000 and a required rate of return of 14% . the project will have estimated future cash flows
Compare between different formal cloud definition : Compare between different formal Cloud definition? Based on stale and standards? Write briefly on Cloud Computing Recommendations suggested by NIST .
Preferred method of managing conflict : Can you explain Which approach to conflict management most describes your preferred method of managing conflict?
Response to food insecurity in sub-saharan africa : Research Proposal - An Analysis on the Global Directional Response to Food Insecurity in Sub-Saharan Africa - Make any necessary revisions to Research Proposal
Find mccloud realty company ltd should make adjusting entry : McCloud Realty Company Ltd received a cheque for $21,000 on 1 July, Find McCloud Realty Company Ltd should make the adjusting entry on 31 July?
Journalize the appropriate correcting entry : Office Supplies1,800 Cash 1,800 (Purchase of office supplies on credit.) Journalize the appropriate correcting entry(ies)
Describe the practices of a coaching model : Describe the practices of a coaching model related to health and wellness.
Name two to three professional coaching associations : Name two to three professional coaching associations that fit a coach working with a client on time management.
What credit to the profit or loss summary account would be : During the closing process the credit to the Profit or Loss Summary account would be? End of year records for Ashley's Florist show

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd