McCloud Realty Company Ltd received a cheque for $24,000 on 1 July, which represents eight months’ rent received in advance. Revenue received in advance account was credited with $24,000. Financial statements will be prepared on 31 July. McCloud Realty Company Ltd should make the following adjusting entry on 31 July: a. Debit Revenue received in advance, $3,000; Credit Rental revenue, $3,000. b. Debit Cash, $24,000; Credit Rental revenue, $24,000. c. Debit Revenue received in advance, $24,000; Credit Rental revenue, $24,000. d. Debit Rental revenue, $3,000; Credit Revenue received in advance, $3,000.

On 1 July Chemist House paid $12,000 to Inner West Realty for 12 month’s rent beginning 1 July, Prepaid Rent was debited for the full amount. If financial statements are prepared on a quarterly basis, the adjusting entry to be made by Chemist House on 30 Sept would be Dr Rent Expense and Cr Prepaid Rent by the amount of (input number only, no currency symbols):

The balance in the Prepaid Rent account before adjustment at the end of the year is $12,000 and represents three month’s rent paid on 1 December. The adjusting entry required on 31 December is:Group of answer choicesDebit Prepaid rent, $4,000; Credit Rent expense $4,000.Debit Prepaid rent, $8,000; Credit Rent expense, $8,000.Debit Rent expense, $12,000; Credit Prepaid rent, $12,000.Debit Rent expense, $4,000; Credit Prepaid rent, $4,000.

Ref-2: On 1St October, 2022, a rent payment of $360,000 was made for two years in advance with respect to the company's warehouse premises, and debited in full to 'Prepaid Rent'. The rental tenancy began on 1st October, 2022. What is the required adjusting journal entry for the 2023 financial year end?

The business previously prepaid 12 months rent on the business space for $2400. They have now used 1 month's worth of that prepayment and need to recognise this in their accounting records. Select the flows and accounts that the business would use to record this transaction.

On 1 July the Winter Shoe Store paid $6,000 to Ace Realty for 6 month’s rent beginning 1 July. Prepaid Rent was debited for the full amount. If financial statements are prepared on 31 July, the adjusting entry to be made by the Winter Shoe Store is:Group of answer choicesDebit Rent Expense, $6,000; Credit Prepaid Rent, $1,000.Debit Prepaid Rent, $1,000; Credit Rent Expense, $1,000.Debit Rent Expense, $1,000; Credit Prepaid Rent, $1,000.Debit Rent Expense, $6,000; Credit Prepaid Rent, $6,000.