Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 32,000 on november 1, 20x3, your calendar year com

32,000 On November 1, 20X3, your calendar year company receives $40,000 for space it is...

60.1K

Verified Solution

Question

Accounting

image
32,000 On November 1, 20X3, your calendar year company receives $40,000 for space it is subletting for 5 months at $8,000 a month, from November 1, 20X3 through March 3 20X4, and books the amount as Rent Revenue. On December 31, 20X3, you discove following adjusting entry: Rent Revenue Rent Received in Advance 32,000 To correct this error you must: a. debit Rent Revenue and credit Rent Received in Advance for $8,000 b. debit Rent Received in Advance and credit Rent Revenue for $8,000 c. debit Rent Revenue and credit Rent Received in Advance for $16.000 debit Rent Received in Advance and credit Rent Revenue for $16,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Summerdahi Resort’s common stock is currently trading at $37.15 a share. The stock is expected to...

Finance
Q

Please note that for all problems in this course, the standard cut-off (alpha) for a test...

Basic Math
Q

Three fair coins are tossed simultaneously 10 times. Find the probability that \"2 heads and one...

Statistics
Q

Production and Direct Labor Cost Budgets Two-Leg Company manufactures slacks and jeans under a variety of brand...

Accounting
Q

Part A: Increasing Piston Displacement (L) L (cm) Pg (atm) 7.0 1.6 8.0 1.34 9.0 1.2 10.0 1.1 11.0 0.10 12.0 0.9 13.0 0.8 14.0 0.72 15.0 0.69 16.0 0.6 17.0 0.59 18.0 0.52 19.0 0.5 20.0 0.49 21.0 0.45 22.0 0.35 23.0 0.3 24.0 25.0 0.3 0.29 1. Calculate the product of the pressure P...

Physics
Q

Gaines Company Comparative Balance Sheet December 31 20X3 20X2 Assets Cash 25,000 40,000 Short-term Investments 15,000...

Accounting
Q

3 points S While some scientists studying sponges suggest that sponge larval hair cells are...

Biology
Q

The primary cause of recent global warming is believed to be the increased burning of...

Biology
Q

A truck with 32-in.-diameter wheels is traveling at 50 mi/h.Find the angular speed of the...

Calculus
Q

1 Write the arithmetic sequence 32 24 16 in the standard form find an

Algebra
Q

1. What is the purpose of estimated payments? 2. Is it just for self-employed taxpayers?...

Accounting
Q

Northwest Paperboard Company, a paper and allied products manufacturer, was seeking to gain a foothold...

Accounting