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Likurg_2 [28]
2 years ago
12

The journal entry to close the fees earned, $115, and rent revenue, $20, accounts during the year-end closing process would invo

lve:_________.
Business
1 answer:
SIZIF [17.4K]2 years ago
5 0

The closing account for Fees earned and Rent revenue is Profit or loss account.

<h3>What is Rent?</h3>

Rent is the cash compensation for occupying a property of an owner for a specific period of time, the rental expense is paid by the occupier to the owner of the property.

The rent is paid monthly, semi annually or annually as per the agreed duration of time in the contract also the amount of the rent is also agreed and mentioned in the contract, the contract is a legal document and can be challenged in court of law if any party breaches the clause(s).

The fees earned and rental income is reflected in the other income head of the Profit or loss account and that is why its closing entry contains this account. The fees earned and the rental income is not reported directly in the statement of Financial position.

Learn more about Rent at brainly.com/question/26958257

#SPJ1

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4 0
4 years ago
As a human resources manager three selection measures you could use to select your targeted employees in 5star international res
Dovator [93]

Answer:

Selection measures simply refer to the yardstick that HR Managers or businesses use to make hiring decisions.

Three litmus tests which the successful candidate must pass are:

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Cheers!

5 0
4 years ago
A buyer always wants to pay a price that is as _____ as possible, but never _____ than the buyer's willingness to pay.
Vlad1618 [11]

Answer: low: higher

Explanation:

<em>A buyer always wants to pay a price that is as </em><em><u>low</u></em><em> as possible, but never </em><em><u>higher</u></em><em> than the buyer's willingness to pay.</em>

As a way to save costs, a buyer will always seek to pay the lowest price they can possibly pay for a good or service. This is why some buyers negotiate prices and seek trade discounts.

Buyers will however have in mind a maximum price that they would be willing to pay. This is called their willingness to pay and it is a threshold that they would not want to exceed. If a good's price is higher than their willingness to pay, they will not buy the good.

3 0
4 years ago
ABC purchased equipment for $60,000 on January 1, 2018. The equipment is expected to have a five-year life, with a residual valu
Sever21 [200]

Answer:

Depreciation expense - 2019  = $11,000

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therefore,

Depreciation expense = $11,000

Book Value = $60,000 - $11,000 - $11,000 = $38,000

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3 years ago
The expenditure on a fixed asset (such as a machine) or monetary asset (such as shares or bonds) that affects the net cash flow
pishuonlain [190]

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Capital expenditure is the answer.

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