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3 years ago

REM Real Estate received a check for $27,000 on July 1 which represents a 6 month

Business

1 answer:

sweet-ann [11.9K]3 years ago

5 0

Answer:

a. Debit Unearned Rent Revenue, $4,500; Credit Rent Revenue, $4,500

Explanation:

When the company receives the $27,000 check for six months of advance rent, it records the unearned revenue in a liability account named Unearned Rent Revenue. The resulting journal entry is:

(Dr) Cash, $27,000

(Cr) Unearned Rent Revenue, $27,000

With the passing of each month, the company <em>earns</em> one-sixth (1/6) of the unearned rent revenue (or $4,500), essentially reclassifying the revenue from unearned to earned. Therefore, after one month, the resulting journal entry is:

(Dr) Unearned Rent Revenue, $4,500

(Cr) Rent Revenue, $4,500

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kozerog [31]

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2 years ago

A broker, acting as the agent of a seller, must deal honestly and fairly with whom? Group of answer choices

Doss [256]

Answer:

Everyone involved in the transaction

Explanation:

As an agent of the seller, the broker has a fiduciary duty with the seller (principal) to act of behalf of his/her best interest.

But the broker must also act honestly with the buyer, if the broker closes a deal using dishonest or unfair practices, e.g. forging documents, then the buyer might claim damages from both the broker and the seller.

And of course the broker should also make sure that his/her own rights are respected and his/her work is properly paid.

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3 years ago

Quintina decided to increase the deduction percentage of her federal income tax rate from 14% to 16%. Quintina’s gross pay per m

Papessa [141]

Answer:

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3 years ago

Read 2 more answers

Which of the following is true of liquidity? Select one: a. Liquidity metrics include debt ratio, times interest earned, and rat

kompoz [17]

Answer:

c. Liquidity is the ability to convert assets to cash.

Explanation:

The company's level of liquidity deals with the company's level of cash which is usually held to meet current obligations.

The liquidity ratios are ratios that indicate how well and quickly a company can convert current assets into cash for the settlement of current liabilities.

Examples of liquidity ratios include current ratio, acid test/quick ratio , cash ratio and working capital ratio.

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2 years ago

Just-in-time inventory (JIT) systems: a. are used only by manufacturing firms. b. provide a buffer stock of inventory for a comp

Annette [7]

Answer:

The correct answer is d. are used to reduce inventory holding costs.

Explanation:

The Just-in-time inventory (JIT) system is a stock management system where stock is received when needed for production (stock received just in time for production). This inventory strategy increases efficiency and decreases waste by receiving goods only as they need them for the production process, which reduces inventory costs. However its effectiveness lies in accurate demand forecast.

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3 years ago