1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
7nadin3 [17]
3 years ago
13

XYZ Company received $18,000 on April 1, 2020 for one year's rent in advance and recorded the transaction with a credit to a nom

inal account. The December 31, 2020 adjusting entry is
Business
1 answer:
djverab [1.8K]3 years ago
7 0

Answer:

Dr Rent revenue

Cr Unearned rent revenue, $4,500

Explanation:

Preparation of XYZ Company Journal entry

Since we were told that the Company received the amount of $18,000 on April 1, 2020 for a one year's rent paid in advance in which the transaction has a credit to a nominal account, this means we have to record the transaction by Debiting Rent revenue with 4,500 and Crediting Unearned rent revenue, with the same amount of $4,500 calculated as

(3/12 x $18,000 ).

Dr Rent revenue

Cr Unearned rent revenue, $4,500

(3/12 x $18,000 )

You might be interested in
The bullet points beneath a one-line mission statement often serve as A. value statements to show how the mission will be achiev
umka21 [38]
Um, Hello there. The answer to your question is probably going to be.
<span>


The bullet points beneath a one-line mission statement often serve as
A. value statements to show how the mission will be achieved.
B. a timeline for achieving the company's goals.
C. lesser goals to consider for the future.
D. a reminder of the one-line statement.</span>
3 0
3 years ago
Read 2 more answers
If your license says you must wear corrective lenses, you ____________________________. A. should only wear them when you feel t
tamaranim1 [39]
You need to wear them when you are driving
4 0
2 years ago
Which is bigger 100,000 or .000157
Fudgin [204]
100,000? because .000157 is a decimal, right?
7 0
3 years ago
Read 2 more answers
What is one way learning to budget now will affect your future?
bagirrra123 [75]

Answer:

not saving up

Explanation:

I dont have one

5 0
2 years ago
A closed economy has income of $1,000, government spending of $200, taxes of $150, and investment of $250. What is private savin
skad [1K]

Answer: c. $300

Explanation:

Private Saving is income less taxes and consumption so is calculated by the formula;

= Y - C - T

= Income - Consumption - Taxes

Find Consumption

Y - C - G = I

Income - Consumption - Government spending = Investment

1,000 - C - 200 = 250

C = 1,000 - 200 - 250

C = $550

Private Saving is therefore;

= 1,000 - 550 - 150

= $300

8 0
3 years ago
Other questions:
  • Which of the following is most likely to characterize a fascist regime? Select one: a. a strong respect for human rights b. tole
    11·1 answer
  • Supply chain optimization includes minimizing the total costs of manufacturing and transportation, which might consider sourcing
    11·1 answer
  • Rick Co. had 30 million shares of $1 par common stock outstanding at January 1, 2018. In October 2018, Rick Co.'s Board of Direc
    15·1 answer
  • The real costs of quality:A. are incurred in the quality control department. B. are frequently overstated in an organization. C.
    15·1 answer
  • According to the Keynesian transmission mechanism, a rise in the money supply will __________ the interest rate, causing a _____
    7·1 answer
  • Contribution Margin Ratio, Variable Cost Ratio, Break-Even Sales Revenue The controller of Ashton Company prepared the following
    5·1 answer
  • A flexible budget variance is $1,500 favorable for unit-related costs. This indicates that: A. actual costs were $1,500 more tha
    9·1 answer
  • A farmer plans to plant two crops, A and B. The cost of cultivating Crop A is $40/acre whereas the cost of cultivating Crop B is
    5·1 answer
  • . If the company produces 5,000 fewer units than it sells in its second year of operations, will absorption costing net operatin
    8·1 answer
  • Deliverables:______.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!