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balu736 [363]
3 years ago
14

Murphy Company sublet a portion of its warehouse for five years at an annual rental of $24,000, beginning on May 1, 2010. The te

nant, Sheri Charter, paid one year's rent in advance, which Murphy recorded as a credit to Unearned Rental Revenue. Murphy reports on a calendar-year basis. The adjustment on December 31, 2010 for Murphy should bea. No entryb. Unearned Rent Revenue 8,000Rent Revenue 8,000c. Rent Revenue 8,000Unearned Rent Revenue 8,000d. Unearned Rent Revenue 16,000
Business
1 answer:
jeka57 [31]3 years ago
7 0

Answer:

Correct option is D.

Unearned Rent Revenue Dr. $16,000

Rent Revenue  $16,000

Explanation:

Provided that rent is received for a period of 1 year that is 12 months on May 1, 2010 amounting $24,000

Thus rent per month = $24,000/12 = $2,000 per month

Provided financial year = Calendar year

thus for the year 2010 rent revenue = 1 May to 31 December = $2,000 \times 8 = $16,000

Since revenue = $16,000 for the year and initially was recorded as unearned rent thus for the year $16,000 should be transferred to rent revenue.

For this entry shall be:

Unearned Rent Revenue Dr.           $16,000

         To Rent Revenue                   $16,000

Correct option is D.

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3 years ago
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3 years ago
A(n) ________ breach of a contract occurs when a party renders inferior performance of his or her contractual obligations.
DanielleElmas [232]
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3 years ago
Lindsay​ Electronics, a small manufacturer of electronic research​ equipment, has approximately 6 comma 800 items in its invento
nignag [31]

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97.8 or 98 items

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A items:

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= 0.1 × 6,800

= 680

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= 0.31 × 6,800

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= 0.59 × 6,800

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Answer:

Detailed solution is given below:

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3 years ago
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