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RSB [31]
3 years ago
6

On July 1 the Fisher Shoe Store paid $24,000 to Acme Realty for 6 months rent beginning July 1. Prepaid Rent was increased for t

he full amount. If financial statements are prepared on July 31, the adjustment to be made by the Fisher Shoe Store is: increase Rent Expense, $24,000; decrease Prepaid Rent, $4,000. increase Prepaid Rent, $4,000; decrease Rent Expense, $4,000. increase Rent Expense, $4,000; decrease Prepaid Rent, $4,000. increase Rent Expense, $24,000; decrease Prepaid Rent, $20,000.
Business
1 answer:
Papessa [141]3 years ago
4 0

Answer:

Increase Rent Expense, $4,000; decrease Prepaid Rent, $4,000.

Explanation:

Since Fisher Shoe Store paid $24,000 to Acme Realty for 6 months rent beginning July 1, we will calculate monthly rent amount by:

24,000/6 = $4,000

Financial statements are prepared on July 31, so we will adjust the July rent in the adjusting entry.

We will debit the rent expense by $4,000 and credit the prepaid rent which is an asset to decrease it by an amount of $4,000.

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Match each word with the phrase: diversification- the period of time after people end their working careers, guaranteed- to prom
Sveta_85 [38]

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Explanation:

1. Diversification is the act of investing resources into different areas or sectors of an economy. For example, a company that produces mainly clothing and textile materials can decide to diversify by investing in other areas like agriculture or food processing.

2. Guarantee is usually the ability of a company to promise, for example, certain qualities of a product to the consumers, and also matching the promise with the actual fulfillment of what was promised to the consumers.

3. Return: for example, if I invest $5000 on a restaurant business, and after like 12 months, the money generated on the money invested is my returns.

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Answer:

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A normative statement is a kind of statement which offers, the betterment, as includes a suggestion in the statement.

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