Murphy Company sublet a portion of its warehouse for five years at an annual rental of $60,000, beginning on May 1, 2019. The tenant, Sheri Charter, paid one year's rent in advance, which Murphy recorded as a credit to unearned rent revenue. Murphy reports on a calendar-year basis. The adjustment on December 31, 2019 for Murphy should be
A. Unearned rent revenue 20,000 revenue 20,000
B. Revenue 20,000 unearned rent revenue 20,000
C. Unearned rent revenue 40,000 revenue 40,000
D. No entry
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Murphy Company sublet a portion of its warehouse for five years at an annual rental of $60,000, beginning on May 1, 2019. The tenant, Sheri ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Third national bank has reserves of $20,000 and checkable deposits of $200,000. the reserve ratio is 10 percent. households deposit $15,000 in currency into the bank and that currency is added to reserves.
Answers (1)
The 3rd step in the personal financial planning process is:
Answers (1)
Using a change in supply and/or demand, explain the following phenomena: a. All else constant, gasoline prices are higher in summer than winter months. b.
Answers (1)
Which describes the closing part of a business letter?
Answers (1)
Suppose that your bathroom scale reads your mass as 69 and your uncertainty is 3%. what is your uncertainty in kg
Answers (1)
New Questions in Business
Using the following information, what is the amount of net income? Purchases $ 33,189 Selling expenses $ 758 Merchandise inventory, September 1 7,436 Merchandise inventory, September 30 8,978 Administrative expenses 760 Sales 51,684 Rent revenue 832
Answers (1)
You are managing a project and need to cut the cost of the project. You decide to transfer workers to another job to cut the project's costs. Costs associated with transferring the workers are an example of project indirect costs. O True O False
Answers (1)
K Inc. has provided the following data for the month of May: Inventories: Beginning Ending Work in process $ 17,000 $ 12,000 Finished goods $ 46,000 $ 50,000 Additional information: Direct materials $ 57,000 Direct labor cost $ 87,000 Manufacturing
Answers (1)
Marcy Tucker received the following items this year. Determine to what extent each item is included in her AGI. (Leave no cells blank - be sure to enter "0" wherever required.) A $25,000 cash gift from her parents.
Answers (1)
Analysis of daily output of a factory during a 8-hour shift shows that the hourly number of units y produced after t hours of production is
Answers (1)