Which of the following entries records the receipt of cash for two months rent?

AI Recommended Answer:

1. Open the "Cash" account and debit Rent Revenue. 2. Open the "Prepaid Rent" account and credit Rent Expense. 3. Close the "Cash" account and the "Prepaid Rent" account. 4. Close the "Rent Revenue" account and the "Unearned Rent" account.


Best Match Video Recommendation:

Solved by verified expert

Get the answer to your homework problem.

Try Numerade free for 7 days

We don’t have your requested question, but here is a suggested video that might help.

Best Match Question:

If cash is received from customers in payment for services that have not yet been performed, the business would record the cash receipt as: Multiple Choice A debit to an unearned revenue account. A debit to a prepaid expense account. A credit to an unearned revenue account. A credit to a prepaid expense account. A credit to accounts payable.

Discussion

You must be signed in to discuss.

Video Transcript

If cash is received from customers in payment for services that have not yet been performed, the business will record the cash as okay. Since cash is received, we are supposed to know that cash is reputed. We can because cash is a received student. As the product students, product or services are not laboured or services, the cash is debited. There are students who are not delivered. We can't recognize the students, we can't recognize the revenue students, and therefore, it's recorded to when it's a recorded 2 need revenue. We're going to go to the option. We can say that the delton unearned revenue account is not correct and that the debt to a prepared expense account is incorrect. It's wrong to give a credit to an account that isn't their own. Credit to a prepared expense account is a correct option. It's round a credit to the accounts. This is the final answer to the question and we can mention that option cisterns is a correct option because it is also an inappropriate one.

44.Which of the following entries records the receipt of cash for two months' rent? The cash wasreceived in advance of providing the service.a.Prepaid Rent, debit; Rent Revenue, credit.b.Cash, debit; Unearned Rent, credit.c.Cash, debit; Prepaid Rent, credit.

We have textbook solutions for you!

The document you are viewing contains questions related to this textbook.

College Accounting, Chapters 1-27

Heintz/Parry

Expert Verified

d.Cash, debit; Rent Expense credit.ANS: B45.A patient has a physical examination and asks the bookkeeper to mail the bill.The bookkeeper should

46.Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledgermeans

47.Which of the following is true about a T-Account?

48.Which of the following abbreviations are correct?a.Debit “Dr”, Credit “Cd”b.Debit “Db”, Credit “Cr”c.Debit “Db”, Credit “Cd”d.Debit “Dr”, Credit “Cr”ANS: D

49.When amounts of a transaction are entered on the left side of an account, they are said to be

50.When amounts of a transactions are entered in an account on the right hand side, they are said to be

51.Which side of the account increases a cash account?

52.A cash payment is recorded on the cash account as a

a.neither a debit or a creditb.creditc.debitd.either a debit or a creditANS: B

53.The balance of the account is determined by

54.A list of the accounts is called

55.On the chart of accounts, the balance sheet accounts are normally listed in the following order

Which of the following entries records the payment of rent for the current month?

Answer and Explanation: Answer: b. Rent Expense, debit; Cash, credit.

Which entries records the collection of cash from cash customers?

A sales journal entry records a cash or credit sale to a customer.

How is a cash payment recorded in the cash account?

Cash payments are accounted for with a credit because there is a decrease in the value of an asset. In this case, that asset is cash. Whenever cash is received, it is recorded as a debit. Whenever cash is paid out, it is recorded as a credit.

Which of the following entries records the payment of an accounts payable?

Answer: d. Account payable is debited to indicate a decrease in liability while cash is credited to indicate a decrease in assets.

Toplist

Neuester Beitrag

Stichworte