Business, 23.01.2020 21:31 sofiaisabelaguozdpez

On november 1, bryant company received $36,600 for six months of rent in advance. on november 1, bryant company credited rent revenue, which is an alternate way of recording the initial receipt of cash. required: journalize the adjusting entry on november 31.

Answers: 1

Show answers

Answers

Answer from: MrKrinkle77

Entry for Bryant company mistake:

Debit Credit

Rent Revenue $36,600

Advance Rent $36,600

Entry for recording rent revenue for the month of November:

Debit Credit

Advance Rent $6,100

(36,600/6)

Rent Revenue $6,100

Explanation:

The journal entry which should have been recorded by the Bryant Company on receipt of rent on November 1 should have been following:

Debit Credit

Cash $36,600

Advance Rent $36,600

But the Bryant company has recorded the following entry on November 1 instead of above mentioned correct entry:

Debit Credit

Cash $36,600

Rent Revenue $36,600

On November 31, the following two journal entries shall be recorded in the accounts of the Bryant Company in order to correct the earlier wrong entry made by the Bryant company and to record the rent income entry for the month of the November.

Entry for Bryant company mistake:

Debit Credit

Rent Revenue $36,600

Advance Rent $36,600

Entry for recording rent revenue for the month of November:

Debit Credit

Advance Rent $6,100

(36,600/6)

Rent Revenue $6,100

Answer from: Quest

Jasmine would make 10$ an hour

Answer from: Quest

answerboth the short run phillips curve and the aggregate demand and aggregate supply model

Another question on Business

Business, 21.06.2019 21:30

The following cost data pertain to the operations of montgomery department stores, inc., for the month of july. corporate legal office salaries $ 75,300apparel department cost of sales"evendale store $ 97,200corporate headquarters building lease $ 50,300store manager's salary"evendale store $ 12,900apparel department sales commission"evendale store $ 11,550store utilities"evendale store $ 12,800apparel department manager's salary"evendale store $ 10,450central warehouse lease cost $ 18,600janitorial costs"evendale store $ 11,800 the evendale store is just one of many stores owned and operated by the company. the apparel department is one of many departments at the evendale store. the central warehouse serves all of the company's stores. required: 1. what is the total amount of the costs listed above that are direct costs of the apparel department? 2. what is the total amount of the costs listed above that are direct costs of the evendale store? 3. what is the total amount of the apparel department's direct costs that are also variable costs with respect to total departmental sales?

Answers: 1

Answer

Business, 22.06.2019 08:30

What has caroline's payment history been like? support your answer with two examples

Answers: 3

Answer

Business, 22.06.2019 09:30

Cash flows during the first year of operations for the harman-kardon consulting company were as follows: cash collected from customers, $385,000; cash paid for rent, $49,000; cash paid to employees for services rendered during the year, $129,000; cash paid for utilities, $59,000. in addition, you determine that customers owed the company $69,000 at the end of the year and no bad debts were anticipated. also, the company owed the gas and electric company $2,900 at year-end, and the rent payment was for a two-year period.

Answers: 1

Answer

Business, 22.06.2019 10:00

What is the difference between an "i" statement and a "you" statement? a. the "i" statement is non-confrontational b. the "you" statement is non-confrontational c. the "i" statement is argumentative d. the "you" statement is neutral in tone select the best answer from the choices provided

Answers: 1

Answer

You know the right answer?

On november 1, bryant company received $36,600 for six months of rent in advance. on november 1, bry...

Questions