Reference no: EM132682975
Questions -
Q1) Principle Place determines that it has NOT yet recorded the 2020 accrual for interest revenue to be received in 2021. Assuming the amount to be recorded for 2020 is $6,000, the required adjustment at December 31, 2020, is
No adjusting entry is required.
debit Interest Revenue and credit Interest Receivable $6,000.
debit Interest Receivable and credit Interest Revenue $6,000.
debit Interest Payable and credit Interest Revenue $6,000.
Q2) On September 1, 2020, Regal Corp. made the annual lease payment of $24,000 for its fleet of delivery trucks. The payment covered the period September 1, 2020 to August 31, 2021. Assuming the entire amount had originally been debited to Lease Expense, the required adjustment at December 31, 2020 is
debit Prepaid Lease and credit Lease Expense $8,000.
debit Lease Expense and credit Prepaid Lease $16,000.
debit Prepaid Lease and credit Lease Expense $16,000.
debit Lease Expense and credit Prepaid Lease $8,000.
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