Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On October 1, Vista View Company rented warehouse space to a tenant for $3,000 per month. The tenant paid five months' rent in advance on

On October 1, Vista View Company rented warehouse space to a tenant for $3,000 per month. The tenant paid five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Revenue account. The company's annual accounting period ends on December 31. The year-end adjusting entry needed on December 31 is: Multiple Choice Debit Unearned Revenue, $6,000, credit Rent Revenue, $6,000. Debit Unearned Revenue, $9,000; credit Rent Revenue, $9,000. Debit Accounts Receivable, $9,000, credit Rent Revenue, $9,000. Help Save & Exit Debit Accounts Receivable, $15,000, credit Rent Revenue, $15,000. Submit
image text in transcribed
On October 1, Vista View Compony rented warehouse spoce to a tenant for $3,000 per month. The tenont poid five months' rent in advance on that dote, with the lease beginning immediosely. The cash receipt wos credised to the Uneared Revenue account. The company's annubl accounting period ends an December 31 . The year-end adjusting entry needed on December 31 is: Muttiple Choice Debit Unetined Aevenue s6.000: creda pent flesenue. 56000 Deba Unparned Revertue, $9000, creot fert fevitue, 59000 Debit Accourts Aecelvabie, $9000, crecit Rent Revenue, $9000 Dobil Accounts Receivable 515.000 credt Atmt Reverije. 515000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

blur-text-image

Step: 3

blur-text-image

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

Risk Based Auditing

Authors: Phil Griffiths

1st Edition

0566086522, 9780566086526

More Books

Students also viewed these Accounting questions

Question

=+Creative strategy statement template Example

Answered: 1 week ago

Question

=+6. Why should they buy this product/service?

Answered: 1 week ago