problem 8-1 - 8-4

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Problem 8-1 Collecting Rent In Advance and the Monthly Adjusting Entry Apex Properties, Inc. owns two warehouse buildings that it rents to other businesses. The two buildings are very desirable properties and this enables Apex to require that renters pay rent in advance. The following is data for each building: Building #1 - Located at 111 Warehouse Way Rental rate $3,000 per month Number of months of rent collected in advance 3 months Dates when rent is collected in advance January 1, April 1, July 1, October 1 Building #2 - Located at 444 Storage Street Rental rate $4,000 per month Number of months of rent collected in advance 3 months Dates when rent is collected in advance.... January 1, April 1, July 1, October 1 Apex has the accounting policy that rent collected in advance be initially recorded in a liability account. The balance in the Unearned Rent Revenue account as of December 31, 2020 was 50 On January 1, 2021, Apex collected cash for the 3 month advance payment of rent for both buildings. The cash collected is detailed below. Building #1 - for Jan., Feb. & March 3 months cash collected.... (3 * $3.000) $ 9,000 Building #2 - for Jan., Feb. & March - 3 months cash collected (3 x $4,000) $12.000 Total cash collected on January 1, 2021 $21.000 The following is a partial list of the accounts in Apex's General Ledger. These are the only accounts you need for this problem. D Cash Unearned Rent Revenue (liability account) Rent Revenue (revenue account) Use the forms on Tabs 8-1 A and B-1B in the Excel Workbook Chapter OBD - Problem 8-1 to 8-4 Forms to complete this problem Pa A Problem 8-1 Collecting Rantin Advance and the Monthly Adjusting Entry Requirement 1 - January 1 recetve 521,000 advance payment for rent Date Account Name Det Cred BI Requirement 2-T Account Analysis for the January 31 adjusting entry "T' Account Analysis for Asset and ability Accounts Account Name al Unearned Rent Revenue Dobit Credit 4) What is the current balance? 3) What adusimont is required to adust from the current balance to the should be balance? (2) What should be the balance 14.000 Bldg #1 95.000 Fob. & March) - Bldg 2 $8.000 Feb. & March) = $14.000 Requirement 3 - January 31 Uncanned Rent Revenue adjusting entry Date Account Name Osbit Credit " 108 SOLID FOOTING Chapter 8 - Adjusting Entries Continued Problem 8-1 (continued) Requirement 1 Prepare the January 1, 2021 General Journal entry to record the receipt of the $21,000 cash for 3 months advance payment of rent for both buildings Requirement 2 Prepare a "T" account analysis to determine the required January 31, 2021 adjustment to the Unearned Rent Revenue account. Hint: The should be balance amount has been put in the "T" account analysis form. Requirement 3 Prepare the January 31, 2021 General Journal adjusting entry for Unearned Rent Revenue. Requirement 4 Prepare a "T" account analysis to determine the required February 28, 2021 adjustment to the Unearned Rent Revenue account. Requirement 5 Prepare the February 28, 2021 General Journal adjusting entry for Unearned Rent Revenue, Requirement 6 What would be the amount of Unearned Rent Revenue (a liability) shown on Apex Properties, Inc.'s Balance Sheet as of February 28, 2021? D What would be the amount of Rent Revenue on the Income Statement for the period February 1 to February 28, 2021? Problarn 8-1 Collocting Rant in Advance and the Monthly Adjusting Entry Requirement 4 -"T" Account Analysis for the February 28 adjusting entry "T" Account Analysis for Asset and by Accounts Account Name al Unearnod Rent Revenu Dott Credit a) What is the current balance? (3) What adjustment is required to aust from the current balance to the should be balance? 2) What should be the balance? Requirements-Rebruary 28 Unearned Rent Revenue adjusting entry Date Account Name Disbet Crecht ERRER Requirement 6 Astount of Uncaned Rent Revenue on the February 28 Balance Sheet ...... Armour of Renon the shruary 1 to February 28 income Statement ............ Problem 8-2 Collect cash for Season Tickots and the Monthly Adjusting Entry Sports Enterprise, Inc. (SEI) owns a semi pro football team. SEI tells three types of seaton ticket packages. Package #1 is for all 10 home games Package 12 is for the first 5 home games. Package #3 is for the last 5 home games. All season tickets are sold in September The following table shows the 2021 season ticket sales by season ticket package Package Total Season Ticket Sales 61 - all 10 Games $250,000 #2 - first 5 Games $30,000 #3 - last 5 Games $75,000 $355,000 Total Chapter 8 - Adjusting Entries Continued SOLID FOOTING 109 The following table shows the: Number of home games by month included in each season ticket package. The % each month's games are of the package's total games. Package #1 Package 12 Package 13 Games Included Games Included Games Included in the Package in the Package in the Package by Month by Month by Month October 2 20% 2 40% 0 0% November 4 40% 3 60% 1 20% December 4 40% 0 0% 4 80% Total 10 100% 5 100% 5 100% SEl has the accounting policy that season ticket sales be initially recorded in a liability account The following is a partial list of the accounts in Sers General Ledger. These are the only accounts you need for this problem D Cash Unearned Ticket Revenue liability account) >> Tiket BDR Use the forms on Tabs B:2 A and B2B in the Excel workbook Chapter 08 - Problem 8-1 to 8-4 Forms to complete this problem. Requirement 1 Prepare the General Journal entry to record the total season ticket sales. As noted on the previous page, all season ticket sales are made in the month of September. Date your General Journal entry September 30, 2021 Requirement 2 Prepare a "T" account analysis to determine the required October 31, 2021 adjustment to the Unearned Ticket Revenue account. See the calculation under the account analysis form for how the should be Unearned Ticket Revenue balance is calculated. Requirement 3 Prepare the October 31, 2021 General Joumal adjusting entry for Unearned Ticket Revenue Requirement 4 Prepare a T account analysis to determine the required November 30, 2021 adjustment to the Unearned Ticket Revenue account. Requirement 5 Prepare the November 30, 2021 General Journal adjusting entry for Unearned Ticket Revenue Requirement 6 What would be the amount of Unearned Ticket Revenue shown on SE's Balance Sheet as of November 30, 2021? For the home games during November 2021, SEI's total"day-of-the-game ticket sales were $650,000. What would be the total amount of Ticket Revenue on SEP's Income Statement for the period November 1 to November 30, 2021? Probkorn 3-2 Collect Cash for Saeson Tickets and the Monthly Adiposting Entry PRA Requirement 1 - September's seasonic sales Date ACCO Name Date Croch Requirement 2- "T Account Analysis for the October 31 austing entry T Account Analysis for Asset and Liability Accounts Account Name a Unearned Ticket Ravne Det Credit c) What is the current balance? ) What austment is required to aust from the current balance to the should be balance? What should be the balance? Calculation of Unearned Ticket Revenue as of October 31 of Games in the Package to Unearned Total Season be played in Ticket Package Ticket Sales No. Dec Revenue ME 52500000 BOSE $2001000 30.000 60% SIA 000 . $751000 $75.000 Total $293.000 TOO Requirement 3 - October 31 Unearned Ticket Revenue adjusting entry Date Account Nam Dober Credit Problar B-2 Colloct Cash for Sarson Tickets and the Monthly Adiposting Entry PB Pegument 4 - "T" Account Aralysis for the Morente 10 minuty "T" Account Mass for Asset and at Account ACC Mame al Und Ticket Pro Det Cro a) What is the current balance @ What adustment is noored to adust from the current balance to the should be balance? ) What should be the balance? Calculation of Unearned Ticket Revenue as of Normber >> % of Games in the Package to be played in December Total Season Ticket Sales Package Unearned Ticket Rover Total Requirements - November 30 Unearned Ticket Reverseadusting entry Das Account Name Debet Credit Requirement Amount of home Ticket Rovere on the November 30 Balance Shoot Amount of Ticket Revenue on the Nombor 1 November 30 income Staromont ma 1 year Problem 3-3 Loan Money - Accre monthly intorast - Contarer: On July 1, 2021, MegaMoney, Inc. loaned money to ShortOfCash compeny (SOC), MegaMoney had SOC sign a note for the loan. The following are the terms and other information pertaining to the loan: Amount of the loan $750,000 How long the loan is for the term of the loan) Date the loan was made July 1, 2021 Date when interest will first be received by MegaMoney September 30, 2021 Amount of interest earned by MegaMoney for July $3,825 Amount of interest earned by MegaMoney for August $3,825 Amount of interest earned by MegaMoney for September $3,710 The following is a partial list of the accounts in Megaloney's General Ledger. These are the only accounts you need for this problem. Cash Note Receivable (see below for a definition of this account) Interest Receivable (see below for a definition of this account) Interest Revenue (revenue account) Note Receivable account - An asset account that tracks the amount owed to the entity (MegaMoney) by another company (SOC). This asset results from the entity making a loan to the other company and the other company signing a Note. The normal balance is a debit. Interest Receivable account - An asset account that tracks the amount of interest owed to the entity (MegaMoney) by another company (SOC). The normal balance is a debit Use the forms on Tab 83 in the Excel workbook Chapter 08 b- Problem 8-1 to 8-4 Forms to complete this problem Note: You are recording the transactions in MegaMoney's accounting system Requirement 1 Prepare the July 1, 2021 General Journal entry to record the loan MegaMoney made to SOC. Hint: MegaMoney gave out the asset Cash. MegaMoney got in the asset Note Receivable. Requirement 2 Prepare the July 31, 2021 General Journal adjusting entry to increase the Interest Receivable account by the amount of interest MegaMoney earned on the Note Receivable for July Requirement 3 Prepare the August 31, 2021 General Journal adjusting entry to increase the interest Receivable account by the amount of interest MegaMoney earned on the Note Receivable for August Requirement 4 Prepare the September 30, 2021 General Journal entry to record the receipt of cash by MegaMoney from SOC for the July August and September interest. Problem 8-3 Loan Money -- Accrue Monthly Interest Collect Interest Requirement 1 - July 1 MegaMoney making the loan to SOC Date Account Name Debit Credit - Requirement 2 - July 31 Interest Receivable adjusting entry Date Account Name Debit Credit Requirement 3 - August 31 Interest Receivable adjusting entry Date Account Name Debit Credit Requirement 4 September 30 receipt of cash by Mega Money for July, August, and September interest Date Account Name Debit Credit 9/30/20XX Cash Interest Receivable Interest Revenue Collect July, August, and September interest Problem 8-4 Accrue Monthly Rent Receivable - Collect Ront Office Rental, Inc. owns an office building that it rents to Watson Company. The building is in a location that is not very desirable. To provide an incentive for Watson to rent the building, Office Rental, Inc. collects rent at the end of each 6 months. The following is data for the office building Office Building - Located at 123 ItsADump Drive Rental rate $450 per month Date when the 6 months of rent for January to June is collected June 30 Date when the 6 months of rent for July to December is collected ... December 31 The office building located at 123 ItsADump Drive is the only rental property owned by Office Rental, Inc. After making the April 30, 2021 Rent Receivable adjusting entry, the balance in Office Rental Inc.'s Rent Receivable account is $1,800. This balance represents 4 month's (Jan., Feb. Mar., Apr.) of rent due from Watson The following is a partial list of the accounts in Office Rental Inc.'s General Ledger. These are the only accounts you need for this problem. Cash Rent Receivable (asset account) Rent Revenue (revenue account) Use the forms on Tab B1 in the Excel workbook Chapter 08 D - Problem 8-1 to 84 Forms to complete this problem Requirement 1 Prepare the May 31, 2021 General Journal adjusting entry to accrue May's Rent Receivable Requirement 2 What would be the amount of Rent Receivable shown on Office Rental Inc.'s Balance Sheet as of May 31, 2021? What would be the amount of Rent Revenue on Office Rental Inc.'s income Statement for the period May 1 to May 31, 2021? Requirement 3 Prepare the June 30, 2021 General Journal entry to record the receipt of cash by Office Rental Inc. from Watson for the 6 months of rent from January to June Hint: The account names have been put in the General Journal Problem 8-4 Accrue Monthly Rent Receivable - Collect Rent Requirement 1 - May 31 Rent Receivable adjusting entry Date Account Name Debit Credit Requirement 2 Amount of Rent Receivable on Office Rental Inc's Balance Sheet as of May 31 Amount of Rent Revenue on Office Rental Inc's Income Statement for the period May 1 to May 31 Requirement 3 June 30 receipt of cash by Office Rental, Inc. from Watson for the January through June rent Date Account Name 6/30/20xx Cash Rent Receivable Rent Revenue Collect 6 months of rent - January to June Debit Credit