Garcia Company rents out a portion of its building to Jerry Company for $1,000 per month. On August 1, 2016, Jerry paid Garcia $12,000 for 1 year of rent in advance. Prepare journal entries for Garcia to record the collection of rent and the related year-end adjusting entry.
Answer to relevant QuestionsUsing the information from RE3-7, prepare Gold finger’s closing entries for the current year. In RE3-7 Gold finger Corporation had account balances at the end of the current year as follows: sales revenue, $29,000; cost of ...The following are several transactions of Ardery Company that occurred during the current year and were recorded in permanent (that is, balance sheet) accounts unless indicated otherwise: Date Transaction Apr. 1 ...During 2016, Thomas Company entered into two transactions involving promissory notes and properly recorded each transaction. 1. On November 1, 2016, it purchased land at a cost of $8,000. It made a $2,000 down payment and ...At the end of the current year, Jodi Corporation’s controller discovers the following items of information: 1. Salaries are paid every Friday for a 5-day work week. The normal weekly payroll is $40,000. The year-end falls ...How are current assets defined, and what are the major items that may be included in current assets? How are current liabilities defined? Give three examples of such liabilities.
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