1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
iren [92.7K]
3 years ago
12

On December 1, 2021, the company received $9,000 in cash from another company that is renting office space in Falwell’s building

. The payment, representing rent for December, January, and February was credited to deferred rent revenue. On December 1, 2021, the company received $9,000 in cash from another company that is renting office space in Falwell’s building. The payment, representing rent for December, January, and February was credited to rent revenue rather than deferred rent revenue for $9,000 on December 1, 2021.
Business
1 answer:
MrMuchimi3 years ago
8 0

Answer:

From all indications,the two rents received have been posted wrongly, I want to believe that you are required to post the adjusting entries,hence my answer below:

The first $9000 was posted to deferred revenue,whereas only two months should have been

First rent:

DR Deferred revenue $3000

CR Revenue                 $3000

Second Rent

DR Revenue                  $6000

CR Deferred revenue    $6000

Explanation:

The first $9000 was posted to deferred revenue,whereas only two months should have been deferred and December rent recognized as rent.

As far as the second rent is concerned only one month has been earned,as a result the revenue should be credited with just $3000  for December.

This then mean that revenue from the second property has been overstated in December by $6000,this necessitated by adjustment above.

You might be interested in
Lynn Bernerd, Inc., manufactures and sells reclining furniture. The company currently operates in the United States but wishes t
xeze [42]

Answer:

E) Trading company

Explanation:

In international trade, trading companies are basically wholesalers that work at an international level. They usually purchase products from different businesses and then resell them to local retail businesses or sometimes final consumers (less common). Trading companies generally enter a exclusive distribution agreement with the manufacturer per region or country that they operate in.

3 0
3 years ago
Can someone think of a company that cost up to at least 100k that doesn’t exist
Drupady [299]

Answer: A company that what at least cost a 100k is an oil rig  

Explanation: The reason why i say that for is because they make a lot of money and then they have to produce the oil and some of that money goes on the rig and to the workers that work there.

7 0
3 years ago
Your company is considering the replacement of an old delivery van with a new one that is more efficient. The old van cost $40,0
Helen [10]

Answer:

$51,164

Explanation:

The project's terminal cash flow is basically the cash flow of the project's last year.

depreciable value = $80,000 + $6,000 - $23,031 = $62,969

depreciation expense per year = $62,969 / 5 = $12,593.80 per year

net cash flow year 5 = [(savings - depreciation expense) x (1 - tax rate)] + depreciation expense + salvage value + recovery of net working capital = [($28,000 - $12,593.80) x (1 - 35%)] + $12,593.80 + $23,031 + $5,525 = $51,163.83 ≈ $51,164

7 0
2 years ago
Which system of job evaluation is being used when cards that list the duties and responsibilities of the job are arranged by rat
trasher [3.6K]
That would a be system of job ranking
8 0
3 years ago
The federal deposit insurance corporation insures bank accounts up to a particular amount. this means that if the bank fails, th
Marizza181 [45]
This is a true statement if that's what you were looking for
7 0
3 years ago
Other questions:
  • Knowing that a third party may use the information that Ray is providing, does Ray owe a duty of confidentiality to Onyx?
    13·1 answer
  • On March 3, ABC purchased a desk for $450 on account. On March 22, ABC purchased another desk for $500 also on account, and then
    6·2 answers
  • What else besides raw materials would be included in input costs?
    11·1 answer
  • . Acme Parts runs a small factory and employs workers who are paid one of three hourly rates depending on their shift: first shi
    14·1 answer
  • Which of the following statements is correct? a. Vertical equity is the idea that taxpayers with similar abilities to pay taxes
    10·1 answer
  • Hect the best answer for the question
    8·1 answer
  • After identifying and performing the preliminary classification of an organization’s information assets, the analysis phase move
    14·1 answer
  • In the workplace leaders at every level in every department are important if the company is going to suceed. True or False
    13·1 answer
  • A marketing professor wanted to do everything possible to ensure that her students understood her lectures. Accordingly, she use
    13·1 answer
  • Suppose that real GDP is currently ​$13.22 trillion and potential real GDP is​ $14.0 trillion, or a gap of ​$800800 billion. The
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!