Answered step by step
Verified Expert Solution
Question
1 Approved Answer
answer the 3 questions please 1. 2. 3. 4. answer 4 questions only answer the ones with typed numbering 1) 2] new and the poing
answer the 3 questions please
1.
2.
3.
4.
answer 4 questions
only answer the ones with typed numbering
1) 2] new and the poing in the om A T-account is O used for accounts that have both a debit and credit balance. O a way of depicting the basic form of an account. O a special account used instead of a trial balance. o what the computer uses to organize bytes of information. Peterson Company had the following journal entry: Debit Credit $20,000 Accounts Receivable Service Revenue $20,000 From this entry, we can determine that Peterson: Owed 520,000 for services received Paid off $20,000 that they previously owed. Received $20,000 of cash that was previously due to them, O is due lowed) $20,000 for services performed Dirkman Property Management received a check for $27,000 on July 1 which represented a six-month advance payment on a building it rents to a client. Unearned Rent Revenue was credited for the full $27,000. Financial statements will be prepared on July 31. Dirkman should make the following adjusting entry on July 31: O Debit Rent Revenue, $4,500: Credit Unearned Rent Revenue, 84,500 Debit Unearned Rent Revenue, $27,000; Credit Rent Revenue, $24.000, O Debit Cash, $27,000; Credit Rent Revenue, $27.000. O Debit Unearned Rent Revenue. $4,500; Credit Rent Revenue $4,500 1) 2] new and the poing in the om A T-account is O used for accounts that have both a debit and credit balance. O a way of depicting the basic form of an account. O a special account used instead of a trial balance. o what the computer uses to organize bytes of information. Peterson Company had the following journal entry: Debit Credit $20,000 Accounts Receivable Service Revenue $20,000 From this entry, we can determine that Peterson: Owed 520,000 for services received Paid off $20,000 that they previously owed. Received $20,000 of cash that was previously due to them, O is due lowed) $20,000 for services performed Dirkman Property Management received a check for $27,000 on July 1 which represented a six-month advance payment on a building it rents to a client. Unearned Rent Revenue was credited for the full $27,000. Financial statements will be prepared on July 31. Dirkman should make the following adjusting entry on July 31: O Debit Rent Revenue, $4,500: Credit Unearned Rent Revenue, 84,500 Debit Unearned Rent Revenue, $27,000; Credit Rent Revenue, $24.000, O Debit Cash, $27,000; Credit Rent Revenue, $27.000. O Debit Unearned Rent Revenue. $4,500; Credit Rent Revenue $4,500 Step by Step Solution
There are 3 Steps involved in it
Step: 1
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