On 8/1/21, XYZ paid KLM 36,000 for a 2 year lease commencing 8/1/21. 1.)If XYZ recorded...
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On 8/1/21, XYZ paid KLM 36,000 for a 2 year lease commencing 8/1/21. 1.)If XYZ recorded the payment of rent to a permanent account, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 2.) If XYZ recorded the payment of rent to a temporary account, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 3.)If XYZ's unadjusted trial balance shows 33,000 in prepaid rent, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 4.) If KLM recorded the receipt of payment for a 2 year lease to a permanent account, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 5.)If KLM recorded the receipt of payment for a 2 year lease to a temporary account, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 6.)If KLM's unadjusted trial balance shows 30,000 in deferred rent revenue, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: Assets Liabilities Equity Retained earnings Revenue COGS Expenses Net Income Understated Overstated No Effect Understated Overstated No Effect Understated Overstated No Effect Understated Overstated No Effect Understated Overstated No Effect Understated Overstated No Effect Understated Overstated No Effect Understated Overstated No Effect 1 2 3 4 5 6 On 8/1/21, XYZ paid KLM 36,000 for a 2 year lease commencing 8/1/21. 1.)If XYZ recorded the payment of rent to a permanent account, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 2.) If XYZ recorded the payment of rent to a temporary account, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 3.)If XYZ's unadjusted trial balance shows 33,000 in prepaid rent, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 4.) If KLM recorded the receipt of payment for a 2 year lease to a permanent account, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 5.)If KLM recorded the receipt of payment for a 2 year lease to a temporary account, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: 6.)If KLM's unadjusted trial balance shows 30,000 in deferred rent revenue, the adjusting entry on 12/31/21 is: If the company fails to make an adjusting entry, the impact on the accounting equation is: Assets Liabilities Equity Retained earnings Revenue COGS Expenses Net Income Understated Overstated No Effect Understated Overstated No Effect Understated Overstated No Effect Understated Overstated No Effect Understated Overstated No Effect Understated Overstated No Effect Understated Overstated No Effect Understated Overstated No Effect 1 2 3 4 5 6
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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