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DIA [1.3K]
3 years ago
11

Kingbird Corporation owns a warehouse. On November 1, it rented storage space to a lessee (tenant) for 3 months for a total cash

payment of $2,790 received in advance. Prepare Kingbird’s November 1 journal entry and the December 31 annual adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Business
1 answer:
Nikitich [7]3 years ago
3 0

Answer:

cash                  2,790 debit

        unearned revene 2,790 credit

unearned revenue 1,860 debit

           rent revenue    1,860 credit

Explanation:

The revenue from the rent is unearned as currently the firm has to provide the rent spance for three months It will be earned as time passes.

At year-end December 31th we have earned 2 months (Nov and Dec) therefore we reocgnize for that amount

2,790 x 2/3 months = 1,860 rent revenue

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The public relations manager of an oil company explained what the company intended to do to tackle the threat to marine life cau
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Answer:

He is acting as a spokesperson.

Explanation:

According to Mintzberg, Spokesperson is the person who is responsible for representing company on a public forum and is not associated with management of companies core operation.

4 0
3 years ago
A company has two departments, Y and Z that incur delivery expenses. An analysis of the total delivery expense of $14,000 indica
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Answer:

Department Y $9000

Department Z $5000

Explanation:

Delivery expense can be calculated using the allocation and apportionment method for Y and Z.

<u>Step 1. Allocation</u>

The costs that are directly attributable to the departments would be allocated to its relevant department. Here, $1500 are the direct expenses for the deliveries for the department Y, so at the first step,

Department Y Cost = $1500

For the department Z, their are no direct expenses for the deliveries,so at the first step,

Department Z Cost = $0

<u>Step 1. Apportionment</u>

The indirect cost of $12500 ($14000 - $1500) would be apportioned among department Y and Z.

So

Department Y = $1500 + $12500 x 60% = $9000

Department Z = $12500 x 40% = $5000

3 0
4 years ago
In a properly designed internal accounting control system, the same employee should not be permitted to:
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In a business world, segregation of duties is important to have a sound internal control.  The employee handing cash/check collection is prohibited from updating its customer's subsidiary ledger and recording of transactions in the books.  This will eliminate fraud and misappropriation of funds.  
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4 years ago
____ involves completely disclosing to participants the goals and procedures involved in the study and obtaining their agreement
pychu [463]

Answer: The correct answer is OBTAINING INFORMED CONSENT.

Explanation: TIPS: In obtaining informed consent, participants are fully informed of the subject about his or her rights, the aim of the study, the procedures to be undertaken, the pros and cons of their participation, length of time of the study.

This is to ensure that the participation of subjects in the study is entirely voluntary and decision is not influenced.

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4 years ago
A small construction firm specializes in building and selling single-family homes. The firm offers two basic types of houses, mo
Dovator [93]

Answer

The answer and procedures of the exercise are attached three images. The maximum profit is 262.500

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Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in three images.

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3 years ago
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