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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 )

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During 2019, $27,000 of cash dividends were declared and paid. A patent valued at $80,000 was obtained in exchange for land. Equ
nadezda [96]

Answer:

a. Change in Cash that occurred during 2019:

Cash outflow $27,000

Cash inflow = $13,000

Net outflow = $14,000

b. Statement of Cash Flows for the year ended December 31, 2019:

Investing activities:

Sale of Equipment         $13,000

Financing activities:

Payment of dividends ($27,000)

Net cash outflow =        $14,000

Explanation:

a) Data and Calculations:

Cash dividends paid during 2019 = $27,000

Patent purchased = $80,000

Land sold in exchange of patent = $80,000

Sale of equipment = $13,000

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7 0
3 years ago
What are the roles of the control unit and the alu?
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3 years ago
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Makovka662 [10]

Answer:

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Explanation:

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7 0
2 years ago
Read 2 more answers
Victoria's Closet, a manufacturer of bohemian-style clothing and accessories, sells its products through its online Web site, a
Rom4ik [11]

Answer:

Multichannel distribution system.

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3 0
3 years ago
Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received
mojhsa [17]

Answer:

(a) Payment =  $4,459

(b) payment = $4,120

Explanation:

solution

we know that Payment will be here

in 1st part (a)  

payment = Mercahndise - sales and allwances - discount + frieght    ..............1

so here

Discount = (merchandise - sales return and allowance) × Discount%     .........2

put here value

Discount =  ( 5,700 - 1600 ) × 1%

Discount =  $41

so

from equation 1 payment will be

Payment = 5700 - 1600 - 41+400

Payment =  $4,459

and

in 2nd part (b)  

from equation 2

put the value

Discount  = (4,800 - 800 ) × 2%

Discount  = $80

so

Payment will be here

payment = 4800 - 800 - 80 + 200

payment = $4,120

3 0
3 years ago
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