Which account would be credited when closing the account for rent expense for the year? A. Prepaid

Question:

Which account would be credited when closing the account for rent expense for the year?
A. Prepaid Rent
B. Rent Expense
C. Rent Revenue
D. Unearned Rent Revenue

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Principles Of Accounting Volume 1 Financial Accounting

ISBN: 9781593995942

1st Edition

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

See More Books

Question Posted: Aug 11, 2022 02:16 AM

See More Questions

Which account would be credited when closing the account for fees earned for the year? A. Accounts Receivable B. Fees Earned Revenue C. Unearned Fee Revenue D. Income Summary
Prepaid Insurance is an expense account which is used for recording expenses that have been paid in advance ? true or false
The name Unearned Revenue suggests that this type of account is a revenue account and belongs on the income statement. Instead the account appears on the balance sheet as a liability. Explain why...
Write balanced equations based on the information given. (a) Solid magnesium + oxygen gas solid magnesium oxide (b) Nitrogen monoxide gas + oxygen gas nitrogen dioxide gas (c) Gaseous ethane(C2H6)...
The existence of only two or three big U.S. auto manufacturers is evidence that the market structure is anticompetitive and that antitrust laws are being broken. Evaluate this assertion.
Describe causes or factors that contribute to ERP failure.
Consider the Gallo strategic decision. Describe how you would go about evaluating that decision.
The stockholders equity section of Tootsie Roll Industries balance sheet is shown in the Consolidated Statement of Financial Position in Appendix A. You will also find data relative to this problem...
Q5). Given the graph y= f(x), graph y=[-2(x-1)]-2 on the same grid on your right. Use at least 4 points: Show steps
The Comic Book Publication Group (CBPG) specializes in creating, illustrating, writing, and printing various publications. It is a small but publicly traded corporation. CBPG currently has a capital...
After the first two closing entries are made, Income Summary has a debit balance of $22,750. What does this indicate about the companys net income or loss?
The following Post-Closing Trial Balance contains errors. Prepare a corrected Post-Closing Trial Balance: Post-Closing Trial Balance Debit Cash Supplies Land Notes Payable Common Stock Retained...
A study published in the Journal of American Academy of Business, Cambridge (March 2002) examined whether the perception of the quality of service at five-star hotels in Jamaica differed by gender....
Consider a project with a capital investment of $47,600, useful life of 9 years, annual revenue of $1,720, and salvage value of $5067 at the end of its useful life. The MARR is 20%. Compute the AW...
What is the growth factor of a forest that experiences an annual reduction of 24% in its size?
Consider the following cost function: TC(Q)=(2Q^3)-(4Q^2)+6Q+3. What is the total variable cost function? What are the total fixed costs? What is the average variable cost function? What is the...
in what ways did conflicting ideologies and racial tensions and violence shape the 1920s era? Explain
In fiscal year 2022, Bob's Sporting Goods had net operating income of $50,000. Sales were $350,000. Average operating assets were $400,000. The company's required rate of return is 10%. What is the...
Using the fact that n is orthogonal to every vector in P (and hence to p), solve for c and thereby find an expression for p in terms of v and n.
Element compound homogeneous mixture (heterogeneous mixture) 4) A piece of gold has a mass of 49.75 g. What should the volume be if it is pure gold? Gold has a density of 19.3 g/cm (3 points) D=m/v...
Describe the situations that would lead to the use of the three different buying processes for a particular productlightweight bumpers for a pickup truck.
Why would an organizational buyer want to get competitive bids? What are some of the situations when competitive bidding cant be used?
How likely would each of the following be to use competitive bids? ( a ) a small town that needed a road resurfaced, ( b ) a scouting organization that needed a printer to print its scouting...
Royal Dutch Shell (RDSA) will reward patient shareholders with a massive stock buyback even as it missed profit estimates. while ConocoPhillips (COP) narrowly beat earnings views as oil prices...
Alma Healthcare, Inc.'s sales are $2,000. Cash is $251. On the first pass of the pro forma income statement, sales are projected to be $2,300. what should cash be on the first pass of the pro forma...
A firm has a debt-to-equity ratio of 40%, a debt of $250,000, and a net income of $100,000. Determine Return on Equity. Hint: this will be derived from the formulas: debt-to-equity ratio =...

Which account would be credited when closing the account for rent expense for the year? A. Prepaid

Question:

Step by Step Answer:

Which account would be credited when clo...View the full answer

Principles Of Accounting Volume 1 Financial Accounting

Students also viewed these Business questions