QUESTION 26 1 points WiFi Ltd.rents space to a tenant for $2,200 per month. The tenant currently owes two months' rent, i.e., May and June. The tenant has agreed to pay the May, June and July rents in full on July 15 and has agreed not to fall behind again. The journal entry needed on July 15 is: Dr Cash 56.600: Cr Rent Revenue 4,400; Cr Unearned Rent 1,100: Cr Rent receivable 1,100 Dr Cash $5.500: Cr Rent Revenue 4,400: Cr Unearned Rent 1,100 O Dr Cash $5,500; Cr Rent Revenue 1,100; Cr Rent receivable 4,400 O Dr Cash $5,500: Cr Rent Revenue 1,100; Cr Unearned Rent 4.400 Dr Cash 56,600; Cr Rent Revenue 1,100; Cr Unearned Rent 1,100; Cr Rent receivable 4,400 QUESTION 27 1 points On 1 January 2020 WiFi Ltd borrowed $50 000 from a local bank at 8 per cent per annum interest. The principal and interest are payable on 30 June 2022. The borrowing was correctly recorded but no adjustment has been made for interest yet. Select the adjusting entry that needs to be made on 30 June 2020. Debit Interest Expense 500; Credit Interest Payable 500 Debit Interest Payable 500; Credit Interest Expense 500 Debit Interest Expense 2000; Credit Interest Payable 2000 Debit interest Payable 2000; Credit Interest Expense 2000 O None of the above QUESTION 28 1 points On March 31. QU Ltd. paid $6 400 plus 10% GST for a 18-month insurance policy that starts from April. What would be the adjusting entry needed on June 302 Debit Prepaid Insurance 400; Credit Insurance Expense 400 Debit Prepaid Insurance 6000; Credit Insurance Expense 6000. O Debit Insurance Expense 400; Prepaid Insurance 400. O Debit Prepaid insurance 440; Credit Insurance Expense 440 0 Debit Insurance Expense 440; Prepaid Insurance 440