Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1,225. Fragmental collected the entire $9,800 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be: Multiple Choice A debit to Rent Revenue and a credit to Cash for $3,675. A debit to Unearned Rent and a credit to Rent Revenue for $6,125. A debit to Unearned Rent and a credit to Rent Revenue for $3,675. A debit to Cash and a credit to Rent Revenue for $9,800. A debit to Rent Revenue and a credit to Unearned Rent for $3,675.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1,225. ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Although a major advantage of the corporate form of entity is the liability protection for its principals, there are some cases where a court will disregard the corporate entity and allow a creditor or judgment holder to reach through the
Answers (1)
A university dean is interested in determining the proportion of students who receive some sort of financial aid.
Answers (1)
A monopoly is a market for a good or service that
Answers (1)
The corporation Mandy's Muffins makes a profit in 2015. The managers of Mandy's Muffins decide to distribute the profits to the corporation's shareholders in proportion to the number of shares held.
Answers (1)
A company purchased a tractor at a cost of $36,000 and sold it three years later for $18,000. The company recorded depreciation using the straight-line method, a five-year service life, and a $2,000 residual value.
Answers (1)
New Questions in Business
Richard hires Paul to paint his kitchen in two eight-hour days of work for $500. At the end of the first day, the kitchen is 85 percent complete. Richard asks Paul to stay late and finish.
Answers (1)
A manager demonstrates when he listens carefully to his subordinates and works to build trusting relationships.
Answers (1)
On March 1, 2017, Boyd Company acquired real estate, on which it planned to construct a small office building, by paying $80,000 in cash.
Answers (1)
A. Assume that the risk-free rate is 8 percent, the required rate of return on the market (or an average-risk stock) is 13 percent, and the required rate of return on Acme Healthcare stock is 15 percent.
Answers (1)
taxes: a. are unlikely to affect market supply and demand b. are copmulsory payments to governments c. never affect efficiency in the allocation of resourcesd. are voluntary payments to governments
Answers (1)