[Sarah1421]

I am new to accounting. I had a couple of questions.
1.Is the interest you pay on a note payable considered to be interest revenue?
2. Is the portion of the rent that was paid for the month from the unearned rent considered to be rental revenue?
3. If cash was paid for consulting is this considered to be consulting revenue?
4.Are you required to record a note payable to a bank in your general journal?
5. Is all of your expense for the month suppose to be used in the genral journal closing? Do you exclude any of the expenses?
6.If there is a Land, Building, and Building Depreciation account in the general ledger and they have forwarding amounts, what do you do with the previous amounts in end of the next month? I don't see any information about the salvage value, useful life, etc? How did they figure this out for the previous month? If none of this information was given for the new month what do you do with the previous month information?

[Fidget1]

1. Is the interest you pay on a note payable considered to be interest revenue?

No, it's an expense. A loan note is basically an agreement to borrow a sum of money, with interest payable to the lender, so if you're paying the interest, it can't be revenue.

2. Is the portion of the rent that was paid for the month from the unearned rent considered to be rental revenue?

No idea what you mean.

3. If cash was paid for consulting is this considered to be consulting revenue?

If you're the one doing the consulting, then yes, the cash paid to you is revenue from consulting services. If you're paying for a consultant, then the cash paid is an expense.

4.Are you required to record a note payable to a bank in your general journal?

Well you have to account for it somewhere! So on receipt of the money you'd DR Bank and Cr note payable account.

5. Is all of your expense for the month suppose to be used in the genral journal closing? Do you exclude any of the expenses?

All transactions need to be accounted for, so you don't exlude anything.

6.If there is a Land, Building, and Building Depreciation account in the general ledger and they have forwarding amounts, what do you do with the previous amounts in end of the next month? I don't see any information about the salvage value, useful life, etc? How did they figure this out for the previous month? If none of this information was given for the new month what do you do with the previous month information?

The closing balance of the previous month becomes the opening balance of the next month. If you have absolutely no further information, you could assume straight-line depreciation. This means that the depreciation charge for this month will be the same as it was last month.

[pready]

This is a duplicate post by the OP and it is a homework qestion.