Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please helpp 2 f6 ACTIVITY IV . On September 1, 2019, Liliw Apartelle received 180,000 from a tenant. The amount represents oneyear rental beginning month

Please helpp 2

image text in transcribed
f6 ACTIVITY IV . On September 1, 2019, Liliw Apartelle received 180,000 from a tenant. The amount represents oneyear rental beginning month of September. Prepare the entries to be prepared on September 1 and the adjusting entry on December 31, under both the liability method and the revenue method. . At the end of 2019, 18,725 of fees has been earned by Marcella Consulting Services but have not been billed to the clients. Prepare the adjusting entry to record the transaction. . At December 31 , 2019, the account Rent Income showed unadjusted balance of 60,000. The amount was received from a tenant to cover fourmonth rent beginning November 1. Prepare the adjusting entry. . On October 1, 2019, Clever Company paid 54,000, representing one year and six months of insurance premium beginning month of November. Clever Company charged the amount to Prepaid Insurance upon payment. Prepare the adjusting entry on December 31, 2019. . On August 15, 2019, Gym Paredes Fitness Center paid an advance rental on a space of a building it is occupying in the amount of 120,000. The amount covers oneyear rent paid in advance beginning month of September. Prepare the adjusting entry on December 31, 2019 assuming the company uses the expense method

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

International Marketing And Export Management

Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr

8th Edition

1292016922, 978-1292016924

Students also viewed these Accounting questions

Question

Coaching and motivational behavior

Answered: 1 week ago