Novak Corp. received a check for $21960 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $21960. Financial statements will be prepared on July 31. Novak's should make the following adjusting entry on July 31: debit Rent Revenue, $3660; credit Unearned Rent Revenue, $3660. debit Unearned Rent Revenue, $3660; credit Rent Revenue, $3660. debit Unearned Rent Revenue, $21960; credit Rent Revenue, $21960. debit Cash, $21960; credit Rent Revenue, $21960.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Novak Corp. received a check for $21960 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client. ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 240 units at $46 per unit. During the year, Cortez made two batch purchases of this chair.
Answers (1)
The following information is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $52,607. 2. Deposits in transit on June 30 were $2,420. 3.
Answers (1)
Safety belts, lifelines, lanyards, and personal fall arrest systems are all examples of A-fall protection equipment B-respiratory protection equipment C-hearing protection equipment D - body protection equipment
Answers (1)
Pina Colada Lake Corporation's accounting records show the following at year-end December 31, 2017: Purchase Discounts $7,700 Beginning Inventory $31,950 Freight-In 9,840 Ending Inventory 28,980 Freight-Out 10,050 Purchase Returns and Allowances
Answers (1)
A first-time buyer has applied for a large mortgage loan at ABC Bank. The first-timer has good credit, good debt-to-income ratio, a stable position and adequate income. The lender still has concerns.
Answers (1)
New Questions in Business
Determine the future amount if $240,000 is to be received 5 years from today, at 10 percent annual interest.
Answers (1)
Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $87,000. The machine's useful life is estimated to be 5 years, or 400,000 units of product, with a $7,000 salvage value.
Answers (1)
Tirri Corporation has provided the following information: Cost per UnitCost per Period Direct materials$7.35 Direct labor$3.55 Variable manufacturing overhead$1.40 Fixed manufacturing overhead $24,100 Sales commissions$1.
Answers (1)
A what type of budget is a type of financial report that scrutinizes the inflow and outflow of money in a given financial year
Answers (1)
Barton Industries has operating income for the year of $3,500,000 and a 36% tax rate. Its total invested capital is $20,000,000 and its after-tax percentage cost of capital is 8%. What is the firm's EVA?
No Answers