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
Today, an estimated _____ of the adults in the united states are overweight, with over _____ falling into the obese range.
Shalnov [3]

The answer in the first space provided is seventy five percent while the second space provided is forty one percent, this is a research that has estimated the percent rate of overweight and obesity in the United States during the year of 2015.

3 0
4 years ago
An office building has $66,000 of net income and sold for $550,000. What was the rate of return? 12% 8.3% 10% 11.1%
spayn [35]

Answer:

8,3

Explanation:

its less then 10%

5 0
3 years ago
Read 2 more answers
Kendra has a difficult project due for her chemistry class next week. What time-wasting activity should she make sure she does n
GuDViN [60]
Procrastinating
Procrastination is the avoidance of doing a task which needs to be accomplished. It is the practice of doing more pleasurable things in place of less pleasurable ones, or carrying out less  urgent tasks instead of more urgent ones, thus putting off impending tasks to a later time.
3 0
3 years ago
International trade a. raises the standard of living for importing countries and lowers it for exporting countries. b. raises th
adoni [48]
<h3>International trade raises the standard of living in all trading countries. </h3>

Explanation:

International trade is an inter country exchange of goods and services. Globally, exporting offers people and countries the ability to be exposed to goods and services that are not available in their nations, or that would cost more domestically.

Global trade allows countries to make more effective use of their resources–whether labor, technology or money. International trade usually enables countries to concentrate on those markets in which they can be most competitive and effective. In this way, international trade generally raises the standard of living of both producers and consumers.

8 0
3 years ago
Jack and Jill have a tenancy in common in an apartment building. After ten years of ownership, Jill dies unexpectedly. On Jill's
Basile [38]
<h2>Jill's interest in the property will: <u>Pass to Jill's heirs </u>(Option B)</h2>

Explanation:

Let us understand the meaning of tenancy: It is the "possession of any property which might be land or building and get connected as tenant".

In contrast, ownership means the property belongs that person alone or in partnership.

Understanding the above terms, We can say, Jack and Jill have been a tenant and after ten years, Jill dies. So the rest of the interest in the property will definitely go to his heirs only.

It cannot be passed to Jack because Jill's interest will not be paid by other person except for Jill's heirs. Jack heirs are no way responsible or own the property of Jack.

7 0
3 years ago
Other questions:
  • A chess club with 40 members is electing a new president. eric received 22 votes. what percentage of the club members voted for
    6·1 answer
  • Suppose the economy is initially at potential output and the quantity of aggregate output supplied increases. What information w
    8·1 answer
  • Sunset Corp. currently has an EPS of $2.09, and the benchmark PE for the company is 18. Earnings are expected to grow at 6.5 per
    9·1 answer
  • A woman listed her house that had prize roses bushes in the backyard. She told her agent that she would be removing the roses fr
    15·1 answer
  • Fiori Corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces and sells 5,000 units, its averag
    9·1 answer
  • You have the following rates of return for a risky portfolio for several recent years. Assume that the stock pays no dividends.
    7·1 answer
  • Mr. quinones, a fifth-grade teacher, gives a blue plastic star to each student who achieves a high score on a math or spelling t
    14·1 answer
  • -My shopfront or roller shutter has been damaged, do you deal with insurance companies?
    7·1 answer
  • The following data are available for the four steps: A B C D Activity time per unit (min) 0.25 0.33 0.2 0.5 Capacity per worker
    11·1 answer
  • Which type of financial risk happens when the prices of things rise and fall?
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!