EWO Property Management leases commercial properties. A new client signs a 5-year lease and agrees to pay
Question:
Required:
Prepare the journal entry to record
(1) The customers’ prepayment of six months’ rent
(2) The necessary adjusting entry after one month has passed.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 84% (13 reviews)
Journal Date Account and Explanation Deb...View the full answer
Answered By
Rustia Melrod
I am a retired teacher with 6 years of experience teaching various science subjects to high school students and undergraduate students. This background enables me to be able to help tutor students who are struggling with the science of business component of their education. Teaching difficult subjects has definitely taught me patience. There is no greater joy for me than to patiently guide a student to the correct answer. When a student has that "aha!" moment, all my efforts are worth it.
The Common Core standards are a useful yardstick for measuring how well students are doing. My students consistently met or exceeded the Common Core standards for science. I believe in working with each student's individual learning styles to help them understand the material. If students were struggling with a concept, I would figure out a different way to teach or apply that concept. I was voted Teacher of the Year six times in my career. I also won an award for Innovative Teaching Style at the 2011 National Teaching Conference.
4.90+
4+ Reviews
10+ Question Solved
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Question Posted:
Students also viewed these Managerial Accounting questions
-
In 2011, BMJ Plumbing Company sold 300 water heaters for $850 each. The water heaters carry a two-year warranty for repairs. BMJ Plumbing estimates that repair costs will average 1 percent of the...
-
On February 15, Barbour Industries buys $800,000 of inventory on credit. On March 31, Barbour approaches its supplier because it cannot pay the $800,000. The supplier agrees to roll the amount into a...
-
Plymouth Electronics had the following transactions that produced liabilities during 2012: a. Purchased merchandise on credit for $80,000 (Note: Assume a periodic inventory system). b. Year-end wages...
-
Find dy/dx for the following functions. y COS X sin x + 1
-
In the Atlanta area, the number of daily calls for the repair of Speedy copy machines has been recorded as follows: October Calls 1 ........... 92 2 ........... 127 3 ........... 106 4 ..............
-
Replace the loading by an equivalent resultant force and couple moment at point O. 0.5 m y 0.7 m F =(-2i+5j-3 k) kN 0.8 m- F = [8 i-2 k} kN
-
Let \(\left(B_{t} ight)_{t \geqslant 0}\) be a one-dimensional Brownian motion. Show that \[\operatorname{dim} B^{-1}(A) \leqslant \frac{1}{2}+\frac{1}{2} \operatorname{dim} A \quad \text { a.s. for...
-
On October 31, 2015, the bank statement for the checking account of Hollybuster Video shows a balance of $11,570, while the company's records show a balance of $10,858. Information that might be...
-
One hundred insurance claim forms are inspected daily at Full Life Insurance Co. over 25 working days, and the number of forms with errors have been recorded in the table below. Sample Number 1 2 3 4...
-
You own a t-shirt screen printing company called Back the Pack. Back the Pack operates as a regular Corporation under Subchapter C of the Internal Revenue Code. Back the Pack incorporated on April 1,...
-
Refer to the information for Kinsella Seed above. What journal entry should be recorded on December 31, 2011? a. Debit Interest Expense 5,000; credit Interest Payable 5,000. b. Debit Interest...
-
In 2011, Waldo Balloons sold 50 hot air balloons at $25,000 each. The balloons carry a five-year warranty for defects. Waldo estimates that repair costs will average 3 percent of the total selling...
-
Glover Inc. received a $0.20-per-share cash dividend on 50,000 shares of Gestalt Corporation common stock, which Glover Inc. carries as a long-term investment. Assuming that Glover Inc. uses the...
-
An account now contains $2,082.28 and has been accumulating interest at a 10% annual rate, compounded continuously, for 6 years. Find the initial deposit.
-
In what ways does James Joyce employ stream of consciousness narrative technique in "Ulysses" to delve into the complexities of human consciousness and perception?
-
Suppose now a different experiment was conducted to examine the effect of a set of 6 treatments on subjects. Suppose each of the treatment, labelled A, B, C, D, E and F, is independently implemented...
-
In what ways does Virginia Woolf utilize the narrative technique of "free indirect discourse" in "To the Lighthouse" to provide insight into the subjective experiences and internal thoughts of her...
-
What might be more authentic expressions of Native relationships with land/landscape?
-
Show that {u 1 , u 2 } or {u 1 , u 2 , u 3 } is an orthogonal basis for R 2 or R 3 , respectively. Then express x as a linear combination of the u's. 2 = [-] = [2], and x = [-2] 12 -3 -7
-
14. In testing the existence assertion, an auditor ordinarily works from the a. Financial statements to the accounting records. b. General journal to the general ledger. c. Supporting evidence to the...
-
Our cat, Fred, wants to purchase a new litter box. The cost is $100 and he'll finance it over 2 years at an annual rate of 18% compounded monthly and to be repaid in 24 monthly payments. (a) What is...
-
Our cat, Fred, has convinced me that I should set up an account that will assure him of his Meow Mix for the next 4 years. I will deposit an amount P today that will permit Fred to make...
-
When Jerry Garcia was alive he bought a house for $500,000 and made a $100,000 down payment. He obtained a 30-year loan for the remaining amount. Payments were made monthly. The nominal annual...
-
Two vectors are given by a = 3.0 +5.0 and b = 2.0 + 4.0. Find (a) a xb, (b) a. b, c) (a + b). b, and (d) the component of a along the direction of b.
-
Consider two parallel wires, each carrying an identical current I in the same direction. The moving charges create magnetic fields, and react to each other's magnetic fields, causing the wires to...
Study smarter with the SolutionInn App