On September I, it rented storage space to a lessee (tenant) for six months for a total cash payment of $ l2,000 received in advance. Prepare two sets of journal entries for Store-it Here, with each set of journal entries recording the September 1 journal entry and the December 31 adjusting entry. Treat the receipt of cash as a liability in the first set of journal entries, and treat the receipt of cash as a revenue in the second set of journal entries.
Answer to relevant QuestionsBill Rosenberg recently opened his legal practice. During the first month of operations of his business (a sole proprietorship), the following events and transactions occurred: Instructions Prepare a correct trial balance. The adjusted trial balance of Serious Limited shows the following sales data at the end of its fiscal year on October 31, 2014: Sales S1,250,000; Freight-out 518,000; Sales Returns and Allowances $4,000; and Sales Discounts ...Selected accounts follow for Kings Inc., as reported in the work sheet at the end of May 2014: Instructions Extend the amounts reported in the adjusted trial balance to the appropriate columns in the work sheet. Do not total ...Below is the April 30 trial balance of Blues Around the Corner Corporation: An examination of the ledger shows these errors: 1. Salaries and Wages Payable include $300 of salaries and wages accrued in April, which are ...The following information relates to Joachim Anderson, Realtor, at the close of the fiscal year ending December 31: 1. Joachim paid the local newspaper S335 for an advertisement to be run in January of the next year, and ...
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