On October 1, 2018, Kitchen Design paid $15,000 for store rent covering the six-month period ending March
Question:
On October 1, 2018, Kitchen Design paid $15,000 for store rent covering the six-month period ending March 31, 2019.
Requirements
1. Journalize the entry on October 1 by using the alternative treatment of deferred expenses.
2. Record the December 31, 2018 adjusting entry.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
Requirement 1 Date Accounts and Explanation Debit Credit Oct 1 Rent Expense 15000 Cash ...View the full answer
Answered By
Cristine kanyaa
I possess exceptional research and essay writing skills. I have successfully completed over 5000 projects and the responses are positively overwhelming . I have experience in handling Coursework, Session Long Papers, Manuscripts, Term papers, & Presentations among others. I have access to both physical and online library. this makes me a suitable candidate to tutor clients as I have adequate materials to carry out intensive research.
4.90+
1538+ Reviews
3254+ Question Solved
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Financial Accounting questions
-
Speedy Packn Mail completed the following transactions during 2016: Nov. 1 Paid $5,200 store rent covering the four-month period ending February 28, 2017. 1 Paid $9,600 insurance covering the...
-
Understanding the alternative treatment of prepaid expenses and unearned revenues Speedy Pack'n Mail completed the following transactions during 2016: Nov. 1 Paid $5,200 store rent covering the...
-
Sent It Pack'n Mail completed the following transactions during 2018: Nov. 1 Paid $6,000 store rent covering the four-month period ending February 28, 2019. 1 Paid $7,800 insurance covering the...
-
ABC Company produces mode trains. During the month of July, it produced 4,000 trains. The actual labor hours were 8 hours per train. Its standard labor hours are 10 hours per train. The standard...
-
Three long wires all lie in a xy plane parallel to the x axis. They are spaced equally, 10 cm apart. The two outer wires each carry a current of 5.0 A in the positive x direction. What is the...
-
Briefly explain character ethics and the extent to which character-based concerns are reflected in APES 110.
-
When light falls on a balanced detector (i.e., a detector pair, with one detector output subtracted from the other's output), the output current is proportional to the difference of the intensities...
-
All sales of Tracys Jeans and Uniforms (TJU) are made on credit. Sales are billed twice monthly, on the fifth of the month for the last half of the prior months sales and on the twentieth of the...
-
b) Explain what decision-making is (no more than 50 words for each) i) according to the legal context of Anishinaabe nations ii) according to the context of CPA professional standards quoted from...
-
Suppose you are conducting market research for your favorite soda brand. Sales have been lagging for two quarters, and you are determined to find out why. You decide to host an in-person focus group...
-
Just Right Hair Stylists has begun the preparation of its worksheet as follows: Year-end data include the following: a. Office supplies on hand, $300. b. Depreciation, $700. c. Accrued interest...
-
On September 1, 2018, Salem Landscaping collected $24,000 in advance from customers for landscaping services. The service revenue will be earned monthly over the 12-month period ending August 31,...
-
Consult Paragraphs 5-7 of PCAOB Auditing Standard No. 13. Given the reluctance of WorldComs management team to communicate with Andersen, do you believe that Andersen exercised due care and...
-
Which physical risks are highest for your organization? What strategies could you put in place to minimize and/or mitigate these risks?
-
What environmental risks is your organization (or an organization you know well) most exposed to?
-
What might be some of the key climate-related and environmental risks faced by businesses?
-
What, in your view, are the advantages of the increasing availability and quality of environmental performance and climate data?
-
How might retail and commercial banks be negatively affected by climate change? And what might the opportunities be for green and sustainable banking?
-
Joe is a single, self-employed individual who owns his own business. During 2018, Joe reported $200,000 gross income and $60,000 of business expenses . He also paid $30,000 in alimony to his former...
-
Discrete sample spaces: suppose there are N cable cars in San Francisco, numbered sequentially from 1 to N. You see a cable car at random; it is numbered 203. You wish to estimate N. (See Goodman,...
-
Natural Microwave Products Ltd.'s financial statements for the year ended December 31, 2017, are shown below: NATURAL MICROWAVE PRODUCTS LTD. Income Statement For the Year Ended December 31, 2017 Net...
-
Net sales, net income, and total assets for River Holdings Ltd. for a six-year period follow: Required 1. Compute trend percentages for 2013 through 2017. Use 2012 as the base year. Round to the...
-
The Specialty Department Stores, Inc. chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the averages for the industry. The CEO has...
-
1. What is team velocity and how does it impact the development of a project? 2. What is the purpose of SCRUM meetings, and how can one best prepare to take part in it?
-
Lew's market invested in project that returned 16.67 percent during a period when inflation averaged 3.26 percent. What real rate of return did Lew earn on its project? Explain in Detail?
-
Identify the major topographic features of ocean basins, and state how they are related to plate tectonics. The Himalaya and the Alps are said to be the graveyards of ancient oceans. Why?
Study smarter with the SolutionInn App