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
EleoNora [17]
3 years ago
12

Due to the terms of its​ lease, ​Services, Inc., pays the rent for its new office space in one annual payment of on ​1, . The le

ase covers the period of ​1, ​, through ​31, . Services has a​ year-end of 31. Assume that Services had no other prepaid rent​ transactions, nor did it have a Prepaid Rent beginning balance in . Give the journal entries that Services would make for​ (a) the annual rent payment of on 1 and​ (b) the adjusting entry for rent expense on ​31, . What is the balance of Prepaid Rent at ​31, ​?
Business
1 answer:
hichkok12 [17]3 years ago
5 0

Answer:

a.

August 31

DR Prepaid Rent .........................................................$21,000

CR Cash.........................................................................................$21,000

(To record Prepaid rent)

b.

December 31

DR Rent.........................................................................$8,750

CR Prepaid Rent .........................................................................$8,750

(To record prepaid rent recognized)

Working

= $21,000 * 5/12 (August to December)

= $8,750

c. Balance in Prepaid rent;

= 21,000 - 8,750

= $12,250

You might be interested in
A manager is holding a $1.2 million stock portfolio with a beta of 1.01. She would like to hedge the risk of the portfolio using
garri49 [273]

Answer: $1,212,000 or $1.212 million

Explanation:

To calculate the dollars’ worth of the index the manager should sell in the futures market to minimize the volatility of her position, we can use the following formula,

Dollar worth of index to sell = Value of the Portfolio * Portfolio Beta

Dollar worth of index to sell = 1,200,000 * 1.01

Dollar worth of index to sell = $1,212,000

The manager should sell $1,212,000 worth of the index in the futures market to minimize the volatility of her position.

5 0
3 years ago
Suppose a​ student-athlete has the opportunity to earn ​$600,000 next year playing for a minor league baseball​ team, ​$100,000
mafiozo [28]

Answer:

it's 0

Explanation:

hes returning to college and making zero money

5 0
3 years ago
One recurring problem in supply chain management is when information about the demand for a product gets distorted as it passes
vfiekz [6]

Answer: Bullwhip Effect

Explanation:

The Bullwhip Effect occurs as a result of changes in the original information about the demand of a product as the information passes across the supply chain.

In the Bullwhip Effect small changes at the customers end of the supply chain leads to large variation in the manufacturing end of the chain.

8 0
3 years ago
A study published in 2011 by the OECD noted that Group of answer choices the real household income of unskilled workers in the U
slavikrds [6]

Answer:

the gap between the poorest and richest segments of society in some OECD countries had widened.

Explanation:

A study published in 2011 by the Organisation for Economic Co-operation and Development (OECD) noted that the gap between the poorest and richest segments of society in some Organisation for Economic Co-operation and Development (OECD) countries had widened.

8 0
3 years ago
Ven though chemical companies have developed a less destructive replacement for cfcs, ozone depletion will likely continue becau
tankabanditka [31]
CFCs already in the atmosphere will last for many more years. 
7 0
3 years ago
Read 2 more answers
Other questions:
  • Melissa is the supervisor of customer service and she directly oversees the work of four customer service specialists. melissa w
    5·1 answer
  • Henrique​ Correa's bakery prepares all its cakes between 4 A.M.and 6 A.M.so they will be fresh when customers arrive.​ Day-old c
    10·1 answer
  • Naples Company produced 650,000 units and sold 500,000 units. Their unit selling price is $10. Cost of goods sold is $6 per unit
    5·1 answer
  • Melinda invests $200,000 in a City of Heflin bond that pays 6 percent interest. Alternatively, Melinda could have invested the $
    5·1 answer
  • Small-business investment companies (SBICs): a. take a more balanced approach in their choices than venture capital companies. b
    9·1 answer
  • A 401(k) account is very valuable because ______.
    5·2 answers
  • Product Pricing: Single Product Presented is the 2017 contribution income statement of Grafton Products. GRAFTON PRODUCTS Contri
    12·1 answer
  • Lincoln has used a piece of land in her business for the past five years. The land qualifies as §1231 property. It is unclear wh
    14·1 answer
  • Trent Co. reports the following information: Net cash provided by operating activities $430,000 Average current liabilities 300,
    13·1 answer
  • Hi I need help please!!
    7·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!