{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-29T02:36:43-04:00", "answer_date": "2024-06-29 02:36:43", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4450278", "url": "\/study-help\/questions\/jenny-p-summers-is-the-controller-for-company-a-a-4450278", "question_creation_date_js": "2024-06-29T02:36:43-04:00", "question_creation_date": "Jun 29, 2024 02:36 AM", "meta_title": "[Solved] Jenny P. Summers is the controller for Co | SolutionInn", "meta_description": "Answer of - Jenny P. Summers is the controller for Company A, a large manufacturing company. In addition to its normal business ac | SolutionInn", "meta_keywords": "jenny,summers,controller,company,large,manufacturing,addition,normal,business,activities,excess,warehouse", "question_title_h1": "Jenny P. Summers is the controller for Company A, a large manufacturing company. In addition to its normal business activities, the company has excess warehouse", "question_title": "Jenny P. Summers is the controller for Company A, a large manufacturing", "question_title_for_js_snippet": "Jenny P Summers is the controller for Company A, a large manufacturing company In addition to its normal business activities, the company has excess warehouse space that it rents out to local businesses Because the typical renter is a small business, Company A requires renters to make lease payments for the entire rental period on the day the lease is signed As a result, Company A typically reports a large unearned rent balance on its balance sheet After making adjusting entries for the current year, Jenny prepares the adjusted trial balance and notices that the company's earnings will decline significantly She presents the adjusted trial balance to the company's CFO, Larry Wilson, who is concerned about the earnings decline Mr Wilson notices the large unearned rent balance and suggests making an additional end of period adjusting entry to recognize the entire unearned rent balance as revenue in the current period Jenny protests, reminding Mr Wilson that the adjusting entry for unearned rent has already been made Mr Wilson assures Jenny that his suggestion is acceptable, reminding Jenny that because we have already received the cash, we have the right to recognize the revenue in the current period He instructs Jenny to make the additional adjusting journal entry Jenny is hesitant to follow these instructions, but she is sensitive to the company's emphasis on earnings growth and makes the adjusting entry as instructed", "question_description": "

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\"image<\/div><\/div><\/div> Jenny P. Summers is the controller for Company A, a large manufacturing company. In addition to its normal business activities, the company has excess warehouse space that it rents out to local businesses. Because the typical renter is a small business, Company A requires renters to make lease payments for the entire rental period on the day the lease is signed. As a result, Company A typically reports a large unearned rent balance on its balance sheet. After making adjusting entries for the current year, Jenny prepares the adjusted trial balance and notices that the company's earnings will decline significantly. She presents the adjusted trial balance to the company's CFO, Larry Wilson, who is concerned about the earnings decline. Mr. Wilson notices the large unearned rent balance and suggests making an additional end-of-period adjusting entry to recognize the entire unearned rent balance as revenue in the current period. Jenny protests, reminding Mr. Wilson that the adjusting entry for unearned rent has already been made. Mr. Wilson assures Jenny that his suggestion is acceptable, reminding Jenny that \"because we have already received the cash, we have the right to recognize the revenue in the current period.\" He instructs Jenny to make the additional adjusting journal entry. Jenny is hesitant to follow these instructions, but she is sensitive to the company's emphasis on earnings growth and makes the adjusting entry as instructed", "transcribed_text": "", "related_book": { "title": "Accounting Principles", "isbn": "1119491630, 978-1119491637, 978-0470534793", "edition": "10th Edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/54.jpg", "uri": "\/textbooks\/accounting-principles-10th-edition-54", "see_more_uri": "" }, "free_related_book": { "isbn": "0128218150", "uri": "\/textbooks\/advanced-metrology-freeform-surfaces-1st-edition-9780128218150-9780128218167", "name": "Advanced Metrology Freeform Surfaces", "edition": "1st Edition" }, "question_posted": "2024-06-29 02:36:43", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/show-tan-x-x-for-0-x-9602.", "description": "Show that tan x > x for 0 \n \n \n \n Answered: 1 week ago", "stars": 3 }, { "url": "\/study-help\/biostatistics\/what-is-the-difference-between-the-value-and-the-significance-1981141", "description": "What is the difference between the ????-value and the significance level in a hypothesis test?", "stars": 3 }, { "url": "\/the-following-inventory-data-relate-to-edwards-inc-calculate-the-following", "description": "The following inventory data relate to Edwards, Inc.: Calculate the following for the year: a. 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The cannon will launch Mr. Richmond with a speed of...", "stars": 3 }, { "url": "\/study-help\/questions\/dr-mcginnis-was-involved-in-the-clean-lakes-study-at-3543690", "description": "Dr. McGinnis was involved in the Clean Lakes Study at Lake Allatoona, Georgia, and facilitated the creation of a collaborative network of federal, state, regional, and local agencies and...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/narchie-sells-a-single-product-for-50-variable-costs-are-4450277", "next": "\/study-help\/questions\/filimonov-inc-has-the-following-information-related-to-purchases-and-4450279" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "Jenny P. 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