Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jan 15, 2024

A company rented a premise for a year and collected an advance rent of $ 2 4 , 0 0 0 on January 0 1

A company rented a premise for a year and collected an advance rent of $

24, 000

on January

01, 2018 .

Prepare the entry to record the rent received.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

The company received an advance rent of 24000 on January 01 2018 This advance rent is a liability fo... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Financial Accounting

Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker

10th edition

78025621, 978-0078025624

More Books

Students also viewed these Accounting questions

Question

★★★★★

Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2012. Given on the first two tabs are ABC's 12/31/12...

Answered: 1 week ago

Question

★★★★★

Dark Ale Brewery includes 1 coupon in each case of beer that it packs. A CD is offered as a premium for every 20 coupons that customers send in along with $2.00. In Year 3, Dark Ale Brewery purchased...

Answered: 1 week ago

Question

★★★★★

The City of Batavia ordered new computer equipment for $21,000 on November 3, 20X2. The equipment had not been received by December 31, 20X2, Batavia's fiscal year-end. Required a. Assume that the...

Answered: 1 week ago

Question

★★★★★

Historically, investment spending has experienced more extreme upward and downward swings than consumer spending. Why do you think this is so?

Answered: 1 week ago

Question

★★★★★

Selected production and cost data of Laura's Caliper Co. follow for May 2018: On May 31, the Mixing Department ending Work-in-Process Inventory was 80% complete for materials and 45% complete for...

Answered: 1 week ago

Question

★★★★★

Smoking and birth weight, ANOVA. Exercise 13.1 presented data on birth weights of infants based on the smoking status of mothers. Table 13.3 lists the data. Descriptive statistics are shown in Table...

Answered: 1 week ago

Question

★★★★★

What is the financial outlook of the organization?

Answered: 1 week ago

Question

★★★★★

The workload in many areas of bank operations has the characteristics of a non-uniform distribution with respect to time of day. For example, at Chase Manhattan Bank in New York, the number of...

Answered: 1 week ago

Question

★★★★★

Which of the following explanations might satisfy an auditor who discovers significant debits to an accumulated depreciation account? Prior years' depreciation charges were erroneously understated. A...

Answered: 1 week ago

Question

★★★★★

During 2 0 X 1 , Jacinta Manufacturing Company ( JMC ) declared and paid cash dividends of $ 1 0 , 0 0 0 . Late in the year, JMC bought new welding machinery for a cash cost of $ 1 2 5 , 0 0 0 ,...

Answered: 1 week ago

Question

★★★★★

The form of energy processed by vision is ______________. Question 20Answer a. Sound waves b. Light waves c. Chemical signals d. Electric impulses

Answered: 1 week ago

Question

★★★★★

This is based on the plastic straw articles below. Be sure to base your analysis on the snippets provided. Be specific in the analysis, especially for the industries and the stakeholders. Based on...

Answered: 1 week ago

Question

★★★★★

Supply chain manager proposes two altenatives 4 week lead time reduction by workign with alternative supplier or Reducing the number of DCs 10 reduction in number of DCs a. Which alternative do you...

Answered: 1 week ago

Question

★★★★★

A lab technician wants to measure the terminal voltage of a battery connected to a load resistor R-2 Q. The battery has r 0.50 internal resistance and emf e-5V. The lab technician being amateur...

Answered: 1 week ago

Question

★★★★★

Julia mark and Peter own a rental property as tenants in common. Julia owns a 40% share, mark owns a 35% share and Peter owns the remaining 25%. the property generates $2000 in rental income for the...

Answered: 1 week ago

Question

★★★★★

An investor has the utility function U=E[r]2A2. A portfolio has an expected rate of return of 12.3% and a standard deviation of 0.15 . The risk-free rate is 6%. Which value of A (risk aversion) makes...

Answered: 1 week ago

Question

★★★★★

Suppose that a flow network G = (V, E) violates the assumption that the network contains a path s t for all vertices V. Let u be a vertex for which there is no path s u t. Show that there must...

Answered: 1 week ago

Question

★★★★★

What potential benefits might be achieved if U.S. firms are allowed to use IFRS?

Answered: 1 week ago

Question

★★★★★

What is a differential? How is a differential treated by an investor in computing income from an investee under (a) Cost-method and (b) Equity-method reporting?

Answered: 1 week ago

Question

★★★★★

On December 31, 20X3, Broadway Corporation reported common stock outstanding of $200,000, additional paid-in capital of $300,000, and retained earnings of $100,000. On January 1, 20X4, Johe Company...

Answered: 1 week ago

Question

★★★★★

=+corresponding mirror disk and that the three such pairs of disks are connected in series.

Answered: 1 week ago

Question

★★★★★

=+the sensor, thereby meeting the required fill specification; these bottles are then shipped to customers. Describe the shape of the distribution of fill volumes for the bottles that pass this...

Answered: 1 week ago

Question

★★★★★

=+54. Instead of constructing x and R charts for 30 subgroups of size 4, a friend suggests the simpler alternative of calculating the standard deviation s of the 30 means to establish 3-sigma limits...

Answered: 1 week ago

Previous Question Next Question