Thursday
December 18, 2014

Homework Help: Accounting

Posted by F on Monday, September 25, 2006 at 12:28pm.

Hi i need help with the following transactions. Right now we are learning about the accrual basis of accounting.

1.Rent Payments included $750 per month rental fee and a $900 deposit that is refundable at the end of the 2 yr lease.

2.The company manager used her personal automobile for business purposes: 10,000 km at 35 cents per km. She was not paid for the use of her car but would like to be.

Additional information:
Prepaid Rent at December 31, 2006 was 9900.

I'm not sure how to do the first one.

For the second one is it just:

Miscellaneous Expense debit 3500 and A/P credit 3500.

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