Answer and Explanation:
The adjusting entry is given below:
On Dec 31,2017
Unearned Rent Revenue $25,000 ($75,000 × 4 months ÷ 12 months)
To Rent Revenue $25,000
(Being revenue earned is recorded)
Here unearned rent revenue is debited as it decreased the liability and credited the rent revenue as it increased the revenue
Answer:
$83,333
Explanation:
The sales dollars level required to break even are: $83,333
Answer:
Chemical Bank
Explanation:
Research shows that in the year 1969, and on the 2nd of September, the first ATM (automated teller machine) of the United States was installed by Chemical Bank. This was done in the Rockville Centre branch of the Bank, in New York. This first ATM machine in the United States, was designed primarily the same way today's ATM machines exist.
Answer:
matching principle
Explanation:
In this scenario, the principle related to this practice is known as the matching principle. In accrual accounting, this states that revenues should be recorded during the period in which they are earned, regardless of when the transfer of cash occurs. Meaning that if a company earns $5,000 in product sales in August but receives a $1000 commission for those products in September, the commission needs to be reported on the August statement alongside the sales.