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
When an administrative assistant reorders office supplies for a business, placing the same order as last month without checking with anyone else, he is doing a new buy. consumer buy. straight rebuy. modified buy.
Answers (1)
The new trade theory stresses that countries should have favorable factor endowments to excel in the production of a good. a. True b. False
Answers (1)
Transactions for Skysong Company for the month of May are presented below. Prepare journal entries for each of these transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.
Answers (1)
Joe Levi bought a home in Arlington, Texas, for $147,000. He put down 25% and obtained a mortgage for 30 years at 8.00%. What is the difference in interest cost if he had obtained a mortgage rate of 6.00%
Answers (1)
What is information utility?
Answers (1)
New Questions in Business
The following information relating to a company's overhead costs is available. Col1 = Actual total variable overhead, Actual total fixed overhead, Budgeted variable overhead rate per machine hour, Budgeted total fixed overhead, Budgeted machine
Answers (1)
A homemaker enters the work force, taking a job that will pay $40,000 over the year. the homemaker must pay $16,000 over the year for professional child care services. how much does gdp change?
Answers (1)
The law of supply states that as the price of a good rises, the quantity supplied of that good disappears. decreases. remains the same. increases.
Answers (1)
A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage but the total interest over the life of the loan will be less.
Answers (1)
Stephanie Roe utilizes the direct write-off method of accounting for uncollectible receivables. On September 15, she is notified by the attorneys for Jacob Marley that Jacob Marley is bankrupt and no cash is expected in the liquidation of Jacob
Answers (1)