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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 15 Aug 2017 My Price 11.00

Gordon Co.

Unearned revenues—rent (Note: See Exercise 5.20 for the related prepaid ex- pense accounting.) On November 1, 2013, Gordon Co. collected $37,800 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on April 30, 2014, at which time the contract may be renewed.

Required:

a.       Use the horizontal model (or write the journal entries) to record the effects of the following items for Gordon Co.:

1.      The six months of rent collected in advance on November 1, 2013.

2.      The adjustment that will be made at the end of each month to show the amount of rent “earned” during the month.

 

 

 

 

 

b.      Calculate the amount of unearned rent that should be shown on the December 31, 2013, balance sheet with respect to this lease.

c.       Suppose the advance collection received on November 1, 2013, covered an

18-month lease period at the same amount of rent per month. How should Gordon Co. report the unearned rent amount on its December 31, 2013, balance sheet?

 

 

Unearned revenues—subscription fees Evans Ltd. publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $75 in advance for a one-year subscription. During the month of September 2013, Evans Ltd. sold 200 one-year subscriptions and received payments in advance from all new subscribers. Only 120 of the new subscribers paid their fees in time to receive the September newsletter; the other subscriptions began with the October newsletter.

Required:

a.       Use the horizontal model (or write the journal entries) to record the effects of the following items:

1.      Subscription fees received in advance during September 2013.

2.      Subscription revenue earned during September 2013.

b.      Calculate the amount of subscription revenue earned by Evans Ltd. during the year ended December 31, 2013, for these 200 subscriptions.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Aug 2017 11:08 AM My Price 11.00

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