Question: Please show how you got the answer, thank you! 4. Kutz Rentals rents equipment to Loomis on February 1. Lease terms require Loomis to make

Please show how you got the answer, thank you! 4. Kutz

Please show how you got the answer, thank you!

4. Kutz Rentals rents equipment to Loomis on February 1. Lease terms require Loomis to make payments to Kurtz of $2,000 each quarter: April 30 (Feb-Apr), July 31( May-Jul), October 31 (Aug-Oct), and January 31 (Nov-Jan). Kutz receives payments for April, July, and October. a. What journal entry should Kutz record on December 31? b. If this entry is not recorded, how will it affect Kutz's financial statements? 5. Your company, which has a fiscal year ending October 31, sells bath bombs for a 12% commission. As of October 31, total sales are $400,000. Your company has received $30,000, which you credited to Revenue. a. How much additional revenue must you record for the fiscal year? b. What is the journal entry to record the additional revenue? 1

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