the unearned rent account has a balance of $72,000

    the unearned rent account has a balance of $72,000

    Expert Answer 80% (5 ratings) Select the best explanation for the entry. If $18,000 of the $72.000 accounting period, the amount of the adjusting entry is a. R S answered on December 21, 2013. They include items such as salaries payable, interest payable, and taxes payable. Submitted: 11 years ago. The amount that was earned is the $40,000 received minus the $3,000 that is unearned. If $18,000 of the $72,000 is unearned at the end of the accounting period, the amount of the adjusting entry is A. A) $28,000 debit. The unearned rent account has a balance of $72,000. If $3,000 of the $40,000 is unearned at the end of the accounting period, the amount of the adjusting entry is. true false, Accrual accounting is a method of accounting where revenues and expenses are recorded when they are earned, regardless of when the money is actually received or paid. Revenues are reported in the income statement in the period in which they are earned, Prior to the adjusting process, accrued expenses have, A. been incurred, not paid, and not recorded, B. not yet been incurred, paid, or recorded, C. been paid but have not yet been incurred, D. been incurred, not paid, but have been recorded. This entry balances out the $144 debit to cash. If $18,000 of the $72,000 is unearned at the end of the accounting period, the amount of the adjusting entry is. c. $12,000 . An unearned fee in accounting is money a business collects from a customer up front for services the company has yet to perform, such as a prepaid annual membership. The company took occupancy of the rented space immediately. Top of Form. The unearned rent account has a balance of $36,000. $24,000 . If $4,000 of the $36,000 is unearned at the end of the accounting period, the amount of the adjusting entry is Dec 21 2013 01:44 PM. $24,000 in rent for one year is $2,000 per month. Revenues and expenses are reported in the period in which cash is received or paid, B. D) $4,000. If $17,164 of the $71,354 remains unearned at the end of the accounting period, the amount of he adjusting entry is … accounting-and-taxation 0 Answer. 3. Sciences, Culinary Arts and Personal Category: Homework. … Answer Save. If $3,000 of the $40,000 is unearned at the end of the accounting period, the amount of the adjusting entry is a. The system of accounting where revenues are recorded when they are earned and expenses are recorded when they are incurred is called the cash basis of accounting. If $18,000 of the $72,000 is unearned at the end of the accounting period, the amount of the adjusting entry is A.$18,000 B.$90,000 C.$54,000 D.$36,000. d. $ 6,000 . If $4,000 of the $36,000 is unearned at the end of the accounting period, the amount of the adjusting entry is Dec 21 2013 01:44 PM. Since the account has a $900 balance from the December 8 entry, one “backs in” to the $700 adjustment on December 31. As of December 31, the tenant has occupied the space for four months: September through December. If the fiscal year closes before the company completes the transaction, the balance sheet will reflect the increase in liabilities for the unearned income. Warren Company began the accounting period with a $32,000 debit balance in its accounts receivable account.During the accounting period,the company recorded revenue on account amounting to $88,000.The accounts receivable account at the end of the accounting period contained a $16,000 debit balance.Based on this information,what is the amount of cash collected from customers during the … The unearned rent account has a balance of $72,000. On February 28, the company has five months’ rent still available. Now your end balance in unearned rent revenue is 4,000. Under the liability method, a liability account is recorded when the amount is collected. Opening entry... Dr Cash 36,000. Best answer. $90,000 c. $54,000 d. $36,000. $18,000 b. In this case, we must decrease Rent Income by $40,000 because that part has not yet been earned. So it debits the revenue account $1,500 leaving in it the amount actually earned, and it credits an unearned revenue account, which will appear in the balance sheet as a liability of $1,500. Ask Your Own Homework Question. If $3,000 of the $40,000 is unearned at the end of the accounting period, the amount of the adjusting entry is; a.

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