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Rainbow [258]
3 years ago
15

On october 1, goodwell company rented warehouse space to a tenant for $2,500 per month and received $12,500 for five months' ren

t in advance on that date, with the lease beginning immediately. the cash receipt was credited to the unearned rent account. the company's annual accounting period ends on december 31. the unearned rent account balance at the end of december, after adjustment, should be:
Business
1 answer:
Nina [5.8K]3 years ago
4 0
Goodwell will recognize 3 months (Oct 1 - Dec 31) of rent revenue earned, and will reduce (debit) the unearned rent revenue for those 3 months.
2,500 x 3 months = 7,500

Journal Entry, Dec 31:
Unearned Rent Revenue: 7,500
           Rent Revenue:                    7,500

The new Unearned Rent Revenue Account balance will be:
12,500 - 7,500 = 5,000

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Sponsorship.

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5 0
3 years ago
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3 years ago
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2 years ago
Which one of the following is the most likely reason why a stock price might not react at all on the day that new information re
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The major reason that the stock price might not react to the information related to that stock was the expectancy of information in advance. It was a piece of expected information. When something is expected then our response towards it does not bring much change.

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Shareholders of mutual funds have all of the following rights EXCEPT: A) the right to vote on the selection of specific securiti
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