Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $925. Fragmental collected the entire $7,400 cash on October 1 and recorded it as unearned revenue. The journal entry made by Fragmental Co. at year-end on December 31 would be:
A debit to Cash and a credit to Rent Revenue for $7,400.
A debit to Unearned Rent and a credit to Rent Earned for $4,625.
A debit to Rent Revenue and a credit to Cash for $2,775.
A debit to Rent Revenue and a credit to Unearned Rent for $2,775.
A debit to Unearned Rent and a credit to Rent Earned for $2,775.
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 $925. ...” 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
The population p, in millions, of a certain country can be calculated by p=0.83t54, where t is the time in years, and t = 0 represents the year 2015. find the expected population of this country in 2096.
Answers (1)
A major employer relocates, leaving many homes in an area vacant and unmaintained. this is an example of
Answers (1)
A firm decides to provide support services for its products for which its customers will pay extra. These services are not offered by its competitors and the firm does no incur commensurate supplier opportunity costs when it offers the services.
Answers (2)
Esty Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units.
Answers (1)
Palmer Frosted Flakes Company offers its customers a pottery cereal bowl if they send in 3 boxtops from Palmer Frosted Flakes boxes and $1. The company estimates that 60% of the boxtops will be redeemed.
Answers (1)
New Questions in Business
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)
Mycenaean Greece became more powerful after a. creating trade networks with Egypt b. war with Persia. c. destruction of Crete d. political consolidation in. the Dark Ages
Answers (1)
An increase in the reserve requirement increases reserves and decreases the money supply. a. true b. false
Answers (1)
Tom oversees the logistics department for a holiday resort in Virginia. He has created a plan to bring in customers directly from Asian countries. He wants to sell holiday packages to these customers.
Answers (2)
This type of financing includes charitable donations, either cash or in-kind, made to an organization and is the primary source or operating and investing income for major collegiate sports programs.
Answers (1)