32

QUESTION 32 This fact pattern provides information needed for Q#32-Q#34. On Mar. 1, Year 4. Wizard rented out some office space to another firm for one year starting on that date. The monthly rent on this space is $700 and the tenant was required to pay Wizard for all 12 months on the move-in date, Mar. 1, Year 4. The Wizard received the correct amount and Wizard's bookkeeping staff treated the entire amount received as Rent Revenue on Mar. 1, Year 4 (debiting Cash and crediting Rent Revenue). Nothing else has been done in Year 4 in the accounting ment island on thin rantalainesution instantan Click Save and Submit to move and submit. Click Save All Answers to save all answers. So F $ 4 % 5 & 7 6 8 E R Y Y U O F G H. J K C V B N M The Wizard received the correct amount and Wizard's bookkeeping staff treated the entire amount received as Rent Revenue on Mar. 1, Year 4 (debiting Cash and crediting Rent Revenue). Nothing else has been done in Year 4 in the accounting records of Wizard related to this rental until your adjusting journal entry CAJE) on Dec. 31, Year 4. Wizard's fiscal year end is on Dec 31 annually. Q#32: For the Rent Revenue account in your AJE on Dec 31, Year 4, would you make a debit, a credit OR 'no change? Enter '2' for debit, enter '1' for credit OR enter 'O' for 'no change'. (Do not be Click Save and Submit to save and submit. Click Save All Answers to save all answers 20 888 a $ 4 % 5 & 7 6 8 E R T T Y U F H J C V B N. M Q#32: For the Rent Revenue account in your AJE on Dec. 31, Year 4, would you make a debit, a credit OR 'no change? Enter '2' for debit, enter '1' for credit OR enter 'O' for 'no change'. (Do not be concerned with a dollar amount, if any.) Click Save and submit to save and submit. Click Save All Ancers to see all answers 888 M $ 4 % 5 & 6 8 9 E R Y U O F G H. J c V B N. M