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Irina-Kira [14]
3 years ago
8

On July 1, Runner's Sports Store paid $14,000 to Corona Realty for 4 months rent beginning July 1.Prepaid Rent was debited for t

he full amount. If financial statements are prepared on July 31, the adjusting entry to be made by Runner s Sports Store is:
Business
2 answers:
boyakko [2]3 years ago
4 0

Answer:

C) Debit Rent Expense, $3,500; Credit Prepaid Rent, $3,500.

Explanation:

The journal entry for July 1 was:

July 1, rent paid in advance for 4 months.

Dr Prepaid rent 14,000

     Cr Cash 14,000

Since one month has passed, the prepaid rent account must be adjusted:

July 31, expense recognition of one month of rent.

Dr Rent expense 3,500 (=14,000 / 4)

    Cr Prepaid rent 3,500

Since prepaid rent is an asset account, when it is credited it will decrease. Expense accounts all have a debit balance.

Mariana [72]3 years ago
3 0

The question is incomplete. Choose fron the following;

A)Debit Prepaid Rent, $3,500; Credit Rent Expense, $3,500.

B)Debit Rent Expense, $14,000; Credit Prepaid Rent, $14,000.

C)Debit Rent Expense, $3,500; Credit Prepaid Rent, $3,500.

D)Debit Rent Expense, $14,000; Credit Prepaid Rent, $3,500.

Answer:

The answer is C)Debit Rent Expense, $3,500; Credit Prepaid Rent, $3,500.

Explanation:

The rent expense for the month ending July 31 was 14000/ 4 = $3500.

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The poor country has an absolute advantage in the production of quinoa.

<h3>What is absolute advantage?</h3>

A country has absolute advantage in the production of a good or service if it produces more quantity of a good when compared to other countries who produce the good.

For example, if a country produces 97% of a good, it means it produces majority of the good. This indicates that the country has absolute advantage in the production of the good.

To learn more about absolute advantage, please check: brainly.com/question/25812820

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2 years ago
Find the interest earned on invested for years at ​% interest compounded as follows. a. Annually b. Semiannually​ (twice a​ year
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Answer:

$3979.79

2  $4023.63

Explanation:

Here is the full question used in answering this question :

Find the interest earned on $15,000 invested for 6 years at 4% interest compounded as follows. a. Annually b. Semiannually (twice a year) c. Quarterly d. Monthly e. Continuously

the formula for determining interest earned is :

future value - present value

The formula for calculating future value:

FV = P (1 + r/m)^mn

FV = Future value  

P = Present value  

R = interest rate  

N = number of years

m = number of compounding

1. 15,000 ( 1 + 0.04)^6 = 18979.79

18979.79 - 15,000 = $3979.79

2 1. 15,000 ( 1 + 0.04/2)^12 = 19023.63 = $4023.63

3 0
3 years ago
What are the consequences of not notifying your reference of their inclusion in your job
lawyer [7]

Answer:

they probably wouldn't take you as seriously

Explanation:

I mean if you have references they know for sure that you are good.

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Answer:

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The discount rate is the interest rate that the FED charges commercial banks, credit unions, or other financial institutions for lending them money.

b. If the Fed were to decrease the discount rate, banks will borrow

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Lowering the discount rate is considered part of an expansionary monetary policy since banks will borrow more money and lend more money to the public, increasing the money supply.

7 0
3 years ago
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