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Prepare Journal and Adjusting Entries

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The following two events occurred for XYZ Co. on October 31, 2009, the end of its fiscal year:

a. XYZ rents space in a building it owns to a tenant for $1,050 per month. By prearrangement, the tenant delayed paying the October rent until November 8. On this date, the tenant paid the rent for both October and November.

b. XYZ rents a building from its owner for $3,300 every month. By a prearrangement, the company delayed paying October's rent until November 5. On November 5, the company paid the rent for both October and November.

Required

1. Prepare adjusting entries that XYZ must record for these events as of October 31.

2. Assuming that XYZ uses reversing entries, prepare reversing entries on November 1 and the journal entries to record XYZ's payment of rent on November 5 and the collection of rent on November 8 from XYZ's tenant.

3. Assuming XYZ does not use reversing entries, prepare journal entries to record XYZ's payment of rent on November 5 and the collection of rent on November 8 from XYZ's tenant.

Advance thank you for your help.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M9521954

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