Prepare journal entry to record the adjustment

Assignment Help Accounting Basics
Reference no: EM131779496

Question: On December 31, the Human Bean Coffee Shop paid $12.000 for a full year of rent beginning on January 1. The rent payment was appropriately recorded in the Cash and Prepaid Rent accounts. It financial statements are prepared on January 31, the journal entry to record the adjustment would be:

- Debit Rent Expense and credit Prepaid Rent for $1000.

- Debit Rent Expense and credit Prepaid Rent for $12,000.

- Debit Prepaid Rent and credit Rent Expense for $12,000.

- Debit Prepaid Rent and credit Rent Expense for $1,000.

Reference no: EM131779496

Questions Cloud

Explain why organizational structures differ : In a PowerPoint presentation (approximately 10 slides), explain why organizational structures differ. Define and provide an example of the four reasons.
What is the required rate of return : A stock has a beta of 1.7. The pure rate of interest is 3.25 percent and investors require a 3 percent inflation premium. What is the required rate of return
Complete comparative table of the employee benefits of each : Do a search of three different companies and complete a comparative table of the employee benefits of each.
Prepare the general journal entries for korman company : Prepare the general journal entries for Korman Company for: The 2010 adjusting entry. The sale of the Thomas Corp. stock
Prepare journal entry to record the adjustment : On December 31, the Human Bean Coffee Shop paid $12.000 for a full year of rent beginning on January 1. The rent payment was appropriately recorded in the Cash.
Describe three kinds of technology in an organization : Describe three kinds of technology in anorganization. Explain how different types of technology create differentcompetencies.
Portfolio with a beta : You have a portfolio with a beta of 2.40. What will be the new portfolio beta if you keep 10 percent of your money in the old portfolio
Discuss what is the fair value of the pension plan assets : What is the fair value of the pension plan assets on December 31, 2002
Calculate the market value of this bond : Calculate the market value of this bond if investors are expecting a yield of 3% per year.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Bk consulting is a management consulting firm other than

bk consulting is a management consulting firm. other than the senior leadership who manage the firm but do not actively

  Calculate the indicated ratios for barry

Data for Barry Computer Company and its industry averages follow. Construct the extended Du Pont equation for both Barry and the industry.

  Regulation and uniform cpa examination

Review the educational and experience requirements to sit for the Uniform CPA Examination published by the Board of Accountancy for the State in which you intent to pursue licensure, in addition to licensure and continuing professional education r..

  What ethical and legal liability relating to accountants

What ethical and legal liability relating to accountants and auditors might relate to your SEC 10-K company

  The expected gross profit rate is 40 and the inventory at

the expected gross profit rate is 40 and the inventory at the end of february was 10000. desired inventory levels at

  Define an accounting information system

Define an Accounting Information System, Discuss the six components of AIS

  Discuss long-term contract with an overall loss

On July 1, 2014, Torvill Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,900,000.

  Prepare the single-step income statement for the fiscal year

The following is the Bravo Unlimited adjusted Trail Balance. Use this information to prepare the Single-Step Income Statement for the fiscal year

  The following is the comprehensive problem in the textbook

the following is the comprehensive problem in the textbook which encompasses all of the elements learned in previous

  Budgets need to be fair and attainable for employees to

budgets need to be fair and attainable for employees to consider the budget important in their normal daily activities.

  Calculate the equivalent units for materials for the month

Maverick Corporation uses the weighted-average method in its process costing system. Calculate equivalent units for materials for the month in first processing

  Besler corporation had a projected benefit obligation

At December 31, 2010, Besler Corporation had a projected benefit obligation of $560,000, plan assets of $322,000, and prior service cost of $127,000 in accumulated other comprehensive income.

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!

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