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azamat
3 years ago
14

On July 1 the Fisher Shoe Store paid $24,000 to Acme Realty for 6 months rent beginning $24,000 to Acme Realty for 6 months rent

beginning July 1. Prepaid Rent was debited for the full amount. July 1. Prepaid Rent was debited for the full amount. If financial statements are prepared on July 31, the If financial statements are prepared on July 31, the adjusting entry to be made by the Fisher Shoe Store adjusting entry to be made by the Fisher Shoe Store is:
A. debit Rent Expense, $24,000; credit Prepaid Rent, $4,000.
B. debit Prepaid Rent, $4,000; credit Rent Expense, $4,000.
C. debit Rent Expense, $4,000; credit Prepaid Rent, $4,000.
D. debit Rent Expense, $24,000; credit Prepaid Rent, $20,000.
Business
1 answer:
pochemuha3 years ago
3 0

Answer:

C) debit Rent Expense, $4,000; credit Prepaid Rent, $4,000.

Explanation:

July 1, prepaid rent fro 6 months

Dr Prepaid rent 24,000

    Cr Cash

July 31, adjusting entry to record rent expense

Dr Rent expense 4,000

    Cr Prepaid rent 4,000

total prepaid rent = 24,000 for six months

after one month, 24,000 / 6 = 4,000 must be recorded as rent expense and prepaid rent must be credited.

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3 years ago
When the company pays rent expense for the current month, what is the effect on the accounting equation for that company?
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decrease the stockholder equity and decrease in assets

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3 0
3 years ago
Ashley Anderson pays her HOA dues of $660 for the calendar year. She then sells her property and closes on June 15. What is the
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Answer:

The amount of the prepaid portion that is due back to Ashley using the 12 month, 360 day proration is=$362.34

Explanation:

<em>Step 1: Determine HOA per day</em>

Use the expression below to determine HOA per day;

T=H×N

where;

T=total HOA dues per year

H=HOA per day

N=number of days in a year

In our case;

T=$660

H=unknown

N=360 days

Replacing;

660=H×360

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H=660/360

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<em>Step 2: Determine amount of HOA that is due back</em>

Using the same expression;

T=H×N

but;

T=unknown

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N=(June, 15 days)+(July, 30)+(Aug, 31)+(Sep. 30)+(Oct 31)+(Nov 30)+(Dec 31)

N=(15+30+31+30+31+30+31)=198 days

Replacing;

T=(1.83×198)=$362.34

The amount of the prepaid portion that is due back to Ashley using the 12 month, 360 day proration is=$362.34

5 0
3 years ago
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