Answered step by step
Verified Expert Solution
Question
1 Approved Answer
its the same answer choices for the 3 statements. KIL rents one-third of the first floor KIL Tower space to Adum Specialty Shop for $1.640
its the same answer choices for the 3 statements.
KIL rents one-third of the first floor KIL Tower space to Adum Specialty Shop for $1.640 per month payable monthly. On December 31, 2020, the rent for November and December 2020 had not been collected or recorded. KIL expects to collect the November and December 2020 rent in January 10, 2021 Choose... On August 1, 2020, a two-year insurance premium amounting to $2,760 was paid in cash and debited in full to Prepaid Insurance Coverage began on August 1, 2020. Choose.. Deferred revenue: Dr. Revenue $9,540; Cr. Unearned revenue $9,540 Accrued revenue: Dr. Revenue $3,280; Cr. Accounts receivable $3,280 Deferred expense: Dr. Insurance expense $575; Cr. Prepaid insurance $575 Deferred expense: Dr. insurance expense $805; Cr. prepaid insurance $805 Accrued expense: Dr. Wages expense $8,250; Cr. Wages payable $8,250 Deferred revenue: Dr. Cash $3,280; Cr. Revenue $3,280 Deferred revenue: Dr. Unearned revenue $9,540; Cr. Revenue $9,540 Deferred revenue: Dr. Unearned revenue $3,000; C. Revenue $3,000; C. Accrued revenue: Dr. Accounts receivable $3,280; Cr. Revenue $3,280 Deferred expense: Dr. Supplies expense $4,725; Cr. Supplies inventory $4,725 Deferred expense: Dr. Insurance expense $460; Cr. Prepaid insurance $460 Deferred expense: Dr. Wages payable $8,250; Cr. Wages expense $8,250; Accrued expense: Dr. Prepaid insurance $805; Cr. Insurance expense $805 The remaining first floor of the KIL Tower is rented for $3,180 per month to another merchant, Nhyieso Inc (NI). The Merchant sells compatible, but not competitive, merchandise. On October 1, 2020, the store collected two years' rent in the amount of $78,720 in advance from Nt it was credited in full to Unearned Revenue when collected Choose... + 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