Option D
Revolving credit agreement short-term financing sources Kenneth utilizes to fund his business in the given scenario
<h3><u>
Explanation:</u></h3>
Revolving credit means is a line of credit that is established among a bank and a business. It has an organized peak amount, where the firm has a way to the funds at any time when demanded. It is required for companies that may seldom hold low cash surpluses to continue their networking capital demands.
Because of this, it is frequently regarded as a kind of short-term funding that is normally paid off suddenly. To begin the loan, a bank may impose a commitment fee. This remunerates the bank for holding an open way to a potential loan, where interest fees are only initiated when the revolver is carried.
Answer:
a)
Rent Expense Dr.$16,000
Bank Dr.$48,000
Prepaid Rent Cr.$64,000
Explanation:
The company entered into lease on 1st November 2019 with rent of $8,000 per month. the company on 1st November 2019 recorded prepaid rent as follows; which is wrong
Prepaid Rent Dr. $72,000
Bank Cr. $72,000
This is wrong entry as prepaid rent was overstated by ($72,000-$24,000 ) $48,000 and same like bank was understated by $48,000
The correct entry should have been like this as on 1st November 2019;
Prepaid Rent Dr. $24,000
Bank Cr. $ 24,000
By 31st December 2019, two months rent have already accrued so prepaid rent should be credited by (8000*2+48,000 for additional amount recorded)
<em>So the rectifying entry is; as on 31st December 2019</em>
<em>Rent Expense Dr.$16,000</em>
<em>Bank Dr.$48,000</em>
<em>Prepaid Rent Cr.$64,000</em>
Questin 1. is A so is question 2 and 3 it looks like
Answer:
Yes, it does because the price is way to high (i took the test so ask me if you need anything else )
Explanation:
If a student fails to recognize how to properly quote the words of an author, that student may be found guilty of <span> unintentional plagiarism</span>
