Solved

On October 1,2019 Ranger Service Company Paid $5,000 in Rent

Question 77

Essay

On October 1,2019 Ranger Service Company paid $5,000 in rent for the next five months,beginning with October 2019.On that date,Ranger debited Prepaid Rent and credited Cash.If Ranger fails to make an adjusting entry on December 31,2019,indicate the effect on assets,liabilities,equity,and net income.
On October 1,2019 Ranger Service Company paid $5,000 in rent for the next five months,beginning with October 2019.On that date,Ranger debited Prepaid Rent and credited Cash.If Ranger fails to make an adjusting entry on December 31,2019,indicate the effect on assets,liabilities,equity,and net income.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q28: The adjusted trial balance shows _.<br>A) account

Q39: The accounting period used for the annual

Q45: Deferred revenues are assets because the business

Q78: The following Office Supplies account information is

Q144: The accounts that are used in a

Q147: In the case of a deferred expense,the

Q161: Which of the following accounts would be

Q186: A contract can only have one performance

Q215: On January 1,Unearned Revenue of Commercial Plumbing

Q219: Unearned Revenue is a(n)_ account and carries