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DIA [1.3K]
2 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]2 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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<h3>What are vertical and horizontal scopes?</h3>

A horizontal acquisition is a commercial tactic in which one company acquires another that competes on an equal footing in a given industry. The purchase of business operations within the same manufacturing vertical is referred to as vertical integration.

The firm's horizontal scope is the variety of product and service sectors it offers within its market. The vertical scope is the degree to which an organization's internal activities cover all of the value chain activities in the industry, part of them, some of them, or none of them.

The variety of product and service segments that the company offers within its market is referred to as its horizontal scope.

To learn more about vertical and horizontal scopes refer to:

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1 year ago
By buying a ________ bond, investors may choose to exchange their bond for shares of common stock in the company.
vesna_86 [32]

The type of bond which investors would buy that they may choose to exchange their bond for shares of common stock in the company is known as convertible bonds.

<h3>What is a Bond?</h3>

This refers to the fixed income investment which is used to show that a loan is taken by either an individual or corporation.

With this in mind, if an investor wants to later exchange their bond for shares of common stock in the company, then they would have to buy convertible bonds,

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2 years ago
How is the spending multiplier effect related to demand-side economics?
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Hope this Helps :D     
8 0
2 years ago
For all the women out there(only women) how do I make a girl feel comfortable while talking?
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Answer:

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Explanation:

Hope this helps. Good luck.

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3 years ago
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