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1-On September 1, your calendar year company rents a machine to another firm for $24,000 a year. As of December 31, $17,000 has been received and...
1-On September 1, your calendar year company rents a machine to another firm for $24,000 a year. As of December 31, $17,000 has been received and recorded in Rent Revenue. If your company uses the accrual basis, what adjusting entry do you record at year end?
debit Rent Revenue for $7,000; credit Unearned Rent Revenue for $7,000
debit Rent Revenue for $9,000; credit Unearned Rent Revenue for $9,000
debit Unearned Rent Revenue for $7,000; credit Rent Revenue for $7,000
debit Unearned Rent Revenue for $8,000; credit Rent Revenue for $8,000
debit Rent Revenue for $8,000; credit Unearned Rent Revenue for $8,000
debit Unearned Rent Revenue for $9,000; credit Rent Revenue for $9,000
2-Your company receives a $40,000 advance for a $125,000 painting job and you credit Unearned Painting Revenue. At year end, 14% of the job has been completed. If your company uses the accrual basis, what adjusting entry will you record?
debit Unearned Painting Revenue for $17,500; credit Painting Revenue for $17,500
debit Painting Revenue for $22,500; credit Unearned Painting Revenue for $22,500
debit Unearned Painting Revenue for $22,500; credit Painting Revenue for $22,500
debit Painting Revenue for $17,500; credit Unearned Painting Revenue for $17,500
