Answer:
a)
Rent Expense Dr.$16,000
Bank Dr.$48,000
Prepaid Rent Cr.$64,000
Explanation:
The company entered into lease on 1st November 2019 with rent of $8,000 per month. the company on 1st November 2019 recorded prepaid rent as follows; which is wrong
Prepaid Rent Dr. $72,000
Bank Cr. $72,000
This is wrong entry as prepaid rent was overstated by ($72,000-$24,000 ) $48,000 and same like bank was understated by $48,000
The correct entry should have been like this as on 1st November 2019;
Prepaid Rent Dr. $24,000
Bank Cr. $ 24,000
By 31st December 2019, two months rent have already accrued so prepaid rent should be credited by (8000*2+48,000 for additional amount recorded)
<em>So the rectifying entry is; as on 31st December 2019</em>
<em>Rent Expense Dr.$16,000</em>
<em>Bank Dr.$48,000</em>
<em>Prepaid Rent Cr.$64,000</em>
Answer:
The answer is Demographic Characteristics.
Explanation: Demographic Characteristics are data about a population which include qualities such as age, gender, race, religion, family status, occupation, education level, income, location, ethnicity, marital status, sexual orientation, health status, home ownership, etc.
These qualities are qualities outside an organization that it has no control over.
Answer:
Research shows that customers often find a gap in their expectations versus what the company actually delivers as an experience. Creating positive post purchase customer experience is a great way for companies to build a relationship with their customers, and build engagement and loyalty for their products and brand.
Answer and Explanation:
The preparation of the cost of goods sold is presented below:
Cost of goods sold statement
Opening inventory $17,200
Add:
Purchase $149,000
Freight in -$4,350
Less:
Purchase Return -$2,000
Less:
Closing inventory -$23,000
Cost of goods sold $136,850
