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
Consider two economic regions, region A and region B. If region A has strict union protection laws present, while region B lacks
barxatty [35]

Answer:

higher unemployment rate

Explanation:

The economic region, A, where there is the presence of strict union protection laws, is most likely to experience increase unemployment rate compared to region B where there is the absence of strict union protection laws.

Unions most times favor those who are currently employed as opposed to those who are searching for jobs. They try to reduce wage inequality between low and middle wage workers and high- wage workers, this most times leads to increase in wages above the equilibrium level. This further result to the decline of amount of labor required hence leading to unemployment.

4 0
2 years ago
Read 2 more answers
When a product spreads through the population, it is called the?
Fiesta28 [93]

The answer is diffusion of innovation. This type of theory or process has the aim of having to influence other people in regards with the ideas that they have formulated in which are new. These ideas are being spread out with the use of innovations.

7 0
3 years ago
In the month of June, a department had 20,000 units in Beginning Work-in-Process that were 70% complete. During June, 90,000 uni
BigorU [14]

Answer:

110,000 units

Explanation:

<u>Calculation of the equivalent units of production for materials in June</u>

Beginning work in process                                              20,000

Units started and completed (90,000-10,000)               80,000  

Ending work in process                                                    <u>10,000</u>

Equivalent units of production for materials for June <u>110,000</u> units

3 0
3 years ago
Lito works for a business that is part of a large corporation with many diverse business lines that operate autonomously. Lito’s
irinina [24]

Answer: Conglomerate structure

                           

Explanation: In simple words, conglomerate structure refers to the structure under which many entities operate in different industries under a single corporation. In other words, it is a different name for parent subsidiary relationship.

In the given case, Lito group owns different firms in different industries. Hence from the above we can conclude that the group uses conglomerate structure.

4 0
3 years ago
Winona and Hubert need to decide which one of them will take time off from work to complete the rather urgent task of shearing t
PilotLPTM [1.2K]
B is the answer your welcome
4 0
3 years ago
Other questions:
  • An employee of the United States Department of Labor was instructed by his superior to solicit subscriptions to the Department's
    11·1 answer
  • Melissa is an early-maturing girl. compared to her late-maturing friends, we can expect melissa: to have a higher self-esteem. t
    13·1 answer
  • Mr. Alex is the marketing manager of the company and he wants to implement a new way to promote the products in the market but h
    10·1 answer
  • "A customer places an order to sell 100 shares of ABC at the market. The initial execution report shows the trade occurring at $
    12·1 answer
  • A company receives equipment from two factories: 38% from factory A, and all other equipment from factory B. Each factory has a
    9·1 answer
  • Describe at least two negative outcomes of having too little money and credit in the economy. (2-4 sentences) Answer:
    8·1 answer
  • Caitlin, Chris, and Molly are partners and share income and losses in a 3:4:3 ratio. The partnership’s capital balances are Cait
    14·1 answer
  • Someone speak please im well bored
    6·2 answers
  • Galaxy Air, previously a no-growth firm, has two million shares outstanding. Until now, it consistently earned $20 million per y
    6·1 answer
  • For the year ended December 31, Depot Max's cost of goods sold was $56,900. Inventory at the beginning of the year was $6,540. E
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!