Ask Question
BusinessBusiness
12 August, 13:35

On January 1, 2016, Flathound Properties received $22,800 from a tenant as rent for all of 2016. How would this receipt be recorded on Flathound Properties' books on 1/1/2016?

+1
Answers (1)
  1. 12 August, 16:45
    0
    Journal entry: It is a recording of transactions that involves the debit and credit side. Debit side records all expenses, losses whereas the credit side involve income and the gains.

    The journal entry is shown below:

    Rent received in advance A/c Dr

    To Rent revenue

    (Being rent advance is received)

    Since there is no cash involved in the transaction, so we ignored it. Therefore, we debit the rent received in advance and credit the rent revenue
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On January 1, 2016, Flathound Properties received $22,800 from a tenant as rent for all of 2016. How would this receipt be recorded on ...” 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
A company has a cash ratio of 2.3. what does this imply?
Answers (1)
A working capital managers role is to manage: Select one: a. accounts receivable and payable only. b. cash, inventory, accounts receivable, accounts payable and risk management. c. cash and inventory only. d. inventory and accounts receivable only.
Answers (1)
You are the project manager for Fun Days Vacation Resorts. Your new project assignment is to head up the Fun Days resort opening in Austin, Texas.
Answers (1)
Water is leaking from an ice machine onto the sidewalk what is the best way to prevent an accident select all that apply
Answers (1)
A company currently has 200,000 shares issued and 190,000 shares outstanding. If the company purchases 20,000 shares of treasury stock, what amount of shares will be outstanding?
Answers (1)
New Questions in Business
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)
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)
Home » Business » On January 1, 2016, Flathound Properties received $22,800 from a tenant as rent for all of 2016. How would this receipt be recorded on Flathound Properties' books on 1/1/2016?
Sign Up Forgot Password?