If a company pays one year of rent in advance on january 1. on january 31, the company will record an adjusting entry that will: Decrease assets and increase expenses.
<h3>Adjusting journal entry </h3>
Assuming company pays one year of rent in advance on january 1 which means that on january 31, the company will record an adjusting entry that will Decrease assets and increase expenses.
The adjusting journal entry for a prepaid expense will tend to decreases assets (Prepaid Rent) and as well increases expenses (Rent Expense).
Therefore on january 31, the company will record an adjusting entry that will: Decrease assets and increase expenses.
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Answer:
The answer is: The predetermined overhead rate is $10 per machine hour.
Explanation:
We must first determine the total overhead cost:
total overhead = fixed overhead cost + (variable overhead x machine hours)
total overhead = $300,000 + ($4 x 50,000) = $500,000
To get the predetermined overhead cost we divide the total overhead cost over the estimated machine hours.
Predetermined overhead cost = $500,000 / 50,000 = $10 per machine hour
Answer:
$45,000
Explanation:
Equipment cost: $165,000
We substract first the residual value of $15,000
Depreciable amount = $165,000 - $15,000
= $150,000
By the straight-line method, we divide the depreciable amount by the number of useful life years to obtain the depreciation per year:
Depreciation per year = $150,000 / 10 years
= $15,000
The equipment was purchased in 2021, it means that 3 years will have passed by the end of 2023. To find the depreciation expense at this moment in time we multiply the previous number by three.
Depreciation for 2023 = $15,000 x 3
= $45,000
The third one is most appropriate ! as it shows that the money can be stored and later we can use !
Answer:
the amount of the loan the pawnbroker made to Jerry is $112.50
Explanation:
In order to find 15% of $750, one method is dividing 750 into 100 to find the value of 1%.
750 ÷ 100 = 7.5
Now we know the value of 1% is $7.50, so all we have to do is multiply that by 15.
7.5 × 15 = 112.5
Therefore, the amount of the loan the pawnbroker made to Jerry is $112.50