Peninsula View had a January 1, 2024 beginning balance in its Prepaid Rent account of $1,300. During the year the company made payments for prepaid rent of $1,500. At the end of the year, December 31, 2024, the balance in the Prepaid Rent account was $300. What was rhe amount of rent expense for the year?
Question 1
Question 2
Peninsula View had a January 1. 2024 beginning balance in its Prepaid Rent account of $1,300. During the year the company made payments for prepaid rent of $1,500. At the end o the year, December 31, 2024, the balance in the Prepaid Rent account was $300. What was the amount of rent expense for the year?
ash basis and accrual basis accounting systems by completing the table provided. (Expenses should be sho - X More Info May 1 May 5 May 9 May 14 May 23 May 31 May 31 May 31 Prepaid rent for three months, $1.500. Received and paid electricity bill, $900. Received cash for meals served to customers, $2,100 Paid cash for kitchen equipment, $3,120 Served a banquet on account, $3,200. Made the adjusting entry for rent (from May 1). Accrued salary expense, $1,200 Recorded depreciation for May on kitchen equipment, $52 Print Done LG basis and accrual basis accounting systems by completing the table provided. (Expenses should be Requirements - X 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems by completing the table provided. (Expenses should be shown in parentheses.) Also, indicate the dollar amount of the revenue or expense. The May 1 transaction has been completed as an example Amount of Revenue (Expense) for May Cash Basis Amount of Accrual Basis Amount of Dale Revenue (Expense) Revenue (Expense) $ (1,500) $ 0 2. After completing the table, calculate the amount of net income or net loss for Chefs Catering under the accrual basis and cash basis accounting systems for May 3. Considering your results from Requirement 2, which method gives the best picture of the true earnings of Chef's Catering? Why? May 1 Print Done Chef's Catering completed the following selected transactions during May 2024 (Click the icon to view the transactions.) Read the requirements Requirement 1. Show whether each transaction would be handled as a revenue or an expense using both the been completed as an example. (Enter "0" for any transactions that do not affect revenues or expenses.) Amount of Revenue (Expense) for May Cash Basis Amount Accrual Basis Amount of Revenue (Expense) of Revenue (Expense) $ (1,500) $ 0 Date May 1 Press Continue to see more 9 parts remaining Type here to search o ear the company made payments for prepaid rent of $1,500. At the end of the year, December 31, 2024, th- 0 More Info a. Peninsula View had a January 1, 2024 beginning balance in its Prepaid Rent account of $1,300. During the year the company made payments for prepaid rent of $1,500. At the end of the year, December 31, 2024, the balance in the Prepaid Rent account was $300 What was the amount of rent expense for the year? b. Peninsula View had a January 1, 2024 beginning balance in its Prepaid Rent account of $1,200. During the year the company made payments for prepaid rent of $1,800 Peninsula View recorded rent expense for the year of $1,600. What is the company's ending balance in its Prepaid Rent account as of December 31, 2024? c. Peninsula View had a December 31, 2024 ending balance in its prepaid rent account of $1,200. During the year the company made payments for prepaid rent of $500 and recorded rent expense for the year of $700 What is the company's beginning balance in its Prepaid Rent account as of January 1, 2024? Print Done Clear All Consider the following independent situations for Peninsula View Click the Icon to view the indipendent situations.) a. Peninsula View had a January 1, 2024 beginning balance in its Prepaid Rent account of $1,300. During the year the Rent expense for the year the number in the edities and then click Check Answer 2 Type here to search o Please answer the question in full if you know how to do it! Please allign the answers how the questions are so it's not confusing for me to figure out where it goes! Will give a thumbs up if the answer is correct! If you have trouble reading any of the images please let me know so I can post another picture! zash basis and accrual basis accounting systems by completing the table provided. (Expenses should be sh More Info May 1 May 5 May 9 May 14 May 23 May 31 May 31 May 31 Prepaid rent for three months, $1,500. Received and paid electricity bill, $900 Received cash for meals served to customers, $2.100 Paid cash for kitchen equipment, $3,120 Serlad a banquet on account, $3,200. Made the adjusting entry for rent (from May 1). Accrued salary expense, $1,200 Recorded depreciation for May on kitchen equipment, $52 Print Done LG sh basis and accrual basis accounting systems by completing the table provided. (Expenses should be 0 Requirements - X 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems by completing the table provided. (Expenses should be shown in parentheses) Also indicate the dollar amount of the revenue or expense. The May 1 transaction has been completed as an example, Amount of Revenue (Expense) for May Cash Basis Amount of Accrual Basis Amount of Date Revenue (Expense) Revenue (Expense) $ (1,500) $ 0 2. After completing the table, calculate the amount of net income or net loss for Chefs Catering under the accrual basis and cash basis accounting systems for May 3. Considering your results from Requirement 2, which method gives the best picture of the true earnings of Chef's Catering? Why? May 1 Print Done year the company made payments for prepaid rent of $1,500. At the end of the year, December 31, 2024, thu More Info a. Peninsula View had a January 1, 2024 beginning balance in its Prepaid Rent account of $1,300. During the year the company made payments for prepaid rent of $1,500. At the end of the year, December 31, 2024 the balance in the Prepaid Rent account was $300 What was the amount of rent expense for the year? b. Peninsula View had a January 1, 2024 beginning balance in its Prepaid Rent account of $1,200. During the year the company made payments for prepaid rent of $1,800. Peninsula View recorded rent expense for the year of $1,600. What is the company's ending balance in its Prepaid Rent account as of December 31, 2024? c. Peninsula View had a December 31, 2024 ending balance in its prepaid rent account of $1,200. During the year the company made payments for prepaid rent of $500 and recorded rent expense for the year of $700. What is the company's beginning balance in its Prepaid Rent account as of January 1, 2024? Print Done Clear All 3-20 (similar to) sider the following independent situations for Peninsula View Click the icon to view the indipendent situations.) Peninsula View had a January 1, 2024 beginning balance in its Prepaid Rent account of S1,300. During the year the company tent expense for the year = Enter any number in the edit hields and then click Check Answer 2 parts remaining Type here to search i o Please answer the question in full if you know how to do it! Please allign the answers how the questions are so it's not confusing for me to figure out where it goes! Will give a thumbs up if the answer is correct! If you have trouble reading any of the images please let me know so I can post another picture
