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Journal entries refer to the concept of documenting all the transactions of a company in its books.
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- Consider the following independent situations for Island Vista: (Click the icon to view the indipendent situations.) a. Island Vista had a January 1, 2024 beginning balance in its Prepaid Rent account of $2,200. During the year the company made payments for prepaid rent of $1,400. At the end of the year, December 31, 2024, the balance in the Prepaid Rent account was $300. What was the amount of rent expense for the year? Rent expense for the year =Indoor Fun is a business offering various indoor sports activities to its customers and rent is one of its largest expenses. Its partially filled Prepaid Rent account below is missing an additional $66,000 (GST-inclusive) prepaid for rent by Indoor Fun on February 8, 2022 and the recognition of rent expense for the month of February 2022. Complete the Prepaid Rent 3-column ledger below to find out the amount of rent expense incurred by Indoor Fun in February 2022. GST needs to be accounted for. Prepaid Rent Date Explanation Dr ($) Cr ($) Balance ($) 01/2/2022 Opening Balance 33,000 33,000 DR 28/2/2022 Closing Balance 24,000 DR Using the General Journal below, record the additional $66,000 (GST-inclusive) prepaid for rent and record the rent expense for the month of February 2022 following the completion of Prepaid Rent 3-column ledger above. GST needs to be accounted…c. Island Vista had a December 31, 2024 ending balance in its prepaid rent account of $1,700. During the year the company made payments for prepaid rent of $600 and recorded rent expense for the year of $700. What is the company's beginning balance in its Prepaid Rent account as of January 1, 2024? Beginning balance in prepaid rent = Get more help. Clear all Check ans
- On the 1.7.2019 XY company received rental revenue in advance from customers of OMR 2400 for two years. in the journal entry, the credit side is: Select one: a. None of These b. Prepaid rent 2400 c. unearned revenue 2400 d. Accrued rent 2400.The following are some of the transactions made by Luigi Gomez Cleaners during 2020: Apr. 1 Acquired cleaning supplies in the amount of P260,000. A count of the supplies on Dec. 31, 2020 Aug. 1 Received P360,000 from Cebu Manpower for cleaning janitorial uniforms over the next 3 years. Nov. 1 Paid P240,000 for annual rent. Required: 1. Assume that Gomez records these transactions using the following accounts, record the adjusting entries on Dec. 31, 2020: a. Office Supplies b. Prepaid Rent c. Unearned Cleaning Revenues 2. Now, assume that Gomez records these transactions using the following accounts, what will be the adjusting entries on Dec. 31, 2020? a. Office Supplies Expense b. Rent Expense c. Cleaning Revenues 3. If Gomez were to use reversing entries, which set of entries, (1) or (2), would have to be reversed? Why?If a company makes a journal entry that records a debit to "Rent Expense," that journal entry also could include a credit to 1. а. Cash. b. Accounts Receivable. c. Prepaid Rent. d. Either a. or c. e. Any of the above. Use the following information about Miller Corporation to answer the next four questions. Miller Corporation paid $1,800 and purchased a two-year insurance on September 1, 2020. The policy period starts September 1, 2020 and runs until August 31, 2022. Miller Corporation's fiscal year ends December 31. The company records adjusting entries only at year end. 2. What balance is shown for Prepaid Insurance on Miller Corporation's December 31, 2020 Balance Sheet? a. $1,800 b. $1,500 $900 d. $600 $300 с. е. 3. What balance is shown for Insurance Expense on Miller Corporation's fiscal year 2020 Income Statement? a. $1,800 b. $1,500 $900 d. $600 $300 с. е.
- S b. Island Vista had a January 1, 2024 beginning balance in its Prepaid Rent account of $500. During the year the company made payments for prepaid rent of $1,300. Island Vista recorded rent expense for the year of $1,500. What is the company's ending balance in its Prepaid Rent account as of December 31, 20247 Ending balance in Prepaid Rent = Get more help. Clear all ChFor the following indenendent cases, in the space provided, calculate the amount of revenue that should be recordeu in 2019 under the revenue recognition principle (point of sale). 1. Company A rents office space to tenants. On October 1, 2019 they collected $18,000 from a tenant which represents 12 month's rent paid in advance. 2. Company B sells heavy equipment. On December 1, 2019 a customer paid a $10,000 deposit towards the purchase of a $50,000 piece of equipment. The equipment was delivered on January 16, 2020 and the balance was paid that date. 3. On December 29, 2019 Company C ships $15,000 worth of goods to a customer, F. O. B. destination. The goods arrive on January 3, 2020at the customer's office. The customer pays for the goods On February 1, 2020. 4. Company D provides legal services for clients. On December 2, 2019 a client hires the firm and pays a $10,000 advance payment. The firm did $4,ĝ00 of service in 2019.On 1.7.2019 XY company received rental revenue in advance from customer of OMR 3600 for two years. in the journal entry, the credit side is: Select one: a. Accrued rent 3600 b. Unearned rental revenue 3600 O c. Accrued rent 3600 O d. Unearned rental revenue 1800 e. Rent outstanding 3600
- Suppose a customer rents a vehicle for three months from Franklin Rental on November 1, paying $3,750 ($1,250/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Deferred Revenue and Service Revenue (assuming the balance of Deferred Revenue at the beginning of the year is $0).Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $5,250 ($1,750/month). 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of the Deferred Revenue and Service Revenue accounts (assuming the balance of Deferred Revenue at the beginning of the year is $0). Deferred revenue ending balance:____________ Service revenue ending balance: _____________For the following independent cases, in the space provided, calculate the amount of revenue that should be recorded in 2019 under the revenue recognition principle (point of sale). O they collect dvane rent 1. ompany 18,000 19 a customer paid a uipment. The was delivered on January 16, 2020 and the balance was pad that date. equipment. On December $50,000 2. wards the eq 3. On December 29, 2019 Company C ships $15,000 worth of goods to a customer, F. O. B. destination. The goods arrive on January 3, 2020at the customer's office. The customer pays for the goods On February 1, 2020.