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HACTEHA [7]
3 years ago
5

Answer the following questions about prepaid​ expenses:

Business
1 answer:
pochemuha3 years ago
6 0

Answer:

the numbers are missing, so I looked for a similar question:

a. On ​1, Tree Service prepaid $7,200 for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year.

Dr Rent expense 1,200 (= $7,200 / 6)

    Cr Prepaid rent 1,200

Balances:

Prepaid rent 6,000

Rent expense 1,200

b. On ​1, Tree Service paid $1,050 for supplies. At ​31, has $400 of supplies on hand. Make the required journal entry at 31. Then post all amounts to the accounts and show their balances at 31. Assume no beginning balance in supplies.

Dr Supplies expense 650 (= $1,050 - $400)

    Cr Supplies 650

Balances:

Supplies 400

Supplies expense 650

c. On ​1, Tree Service prepaid for six​ months' rent. Give the adjusting entry to record rent expense at Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at adjusts the accounts only at ​31, the end of its fiscal year. Prepare the adjusting journal entry to record the rent expense at 31.

SAME AS QUESTION A

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For a particular good, a 12 percent increase in price causes a 3 percent decrease in quantity demanded. Which of the following s
Charra [1.4K]

Answer:

b.The good is a necessity

Explanation:

The price elasticity of demand = percentage change in quantity demanded/ percentage change in price

3% / 12% = 0.25

When the coefficient of elasticity is less than one, demand is inelastic.

Inelastic demand means that when price increases, there is little or no change in quantity demanded.

Necessity goods are goods that are very important to consumers and thus they tend to have an inelastic demand. For example, medications.

Substitute goods are goods that can be used in place of another good because of their similarity. E.g. butter and margarine

Goods with many substitutes have an elastic demand. If price of a good increases, consumers can easily shift consumption to substitute goods.

Narrowly defined goods have an elastic demand because it is easier to find subsituites for such goods.

Demand is more elastic in the long run because consumers have more time to search for substitutes.

I hope my answer helps you

3 0
3 years ago
Ana Co. uses the allowance method to account for bad debts. At the end of the period, Ana's unadjusted trial balance shows an ac
Afina-wow [57]

Answer:

A. $800

Explanation:

Ana Co.

Sales                            $500,000        

Accounts Receivable    $40,000      

Allowance for doubtful accounts   $300  Credit

Bad Debts Expense = 2 % of $ 40,000=   $  800          

The adjusting entry would be

Bad Debts Expense $ 800 Dr.

Allowance for doubtful accounts   $800  Credit    

As we already have a credit balance of $ 300 in the doubtful accounts we will increase it with an amount of $ 500.

Allowance for Doubtful Accounts $ 500 Debit

Account Receivable                     $ 500 Credit      

   

6 0
3 years ago
Becky fenton has 80/160/90 automobile insurance coverage. if two other people are awarded $125,000 each for injuries in an auto
OLga [1]
50000 because of the 80
7 0
3 years ago
Select the correct answer.
riadik2000 [5.3K]

According to the research, Joana is demonstrating responsibility for delivering a last-minute presentation on behalf of her team.

<h3>What is responsibility?</h3>

It is the quality of that individual who fulfills his obligations and assumes the consequences of his acts.

Through it, individuals make decisions consciously and take responsibility for the consequences that may arise from them, in addition, it implies the commitment to fulfill agreements and obligations.

Therefore, we can conclude that according to the research, Joana is demonstrating responsibility for delivering a last-minute presentation on behalf of her team.

Learn more about responsibility here: brainly.com/question/12656357

#SPJ1

7 0
1 year ago
14-2B (Issuance and Retirement of Bonds) StarCenter Co. Is building a new music arena at a cost of $5,600,000. It received a dow
mezya [45]

Answer:

there are no requirements, but I assume that they ask about issuance costs and their amortization:

market price of the bonds:

PV of face value = $5,000,000 / (1 + 10%)²⁰ = $743,218

PV of coupon payments = $400,000 x 8.5136 (PV annuity factor, 10%, 20 periods) = $3,405,440

market price = $4,148,658

Journal entry to record issuance and bond issue costs

January 1, 2013

Dr Cash 4,088,658

Dr Discount on bonds payable 851,342

Dr Bond issue costs 60,000

    Cr Bonds payable 5,000,000

amortization of bond discount and issue costs = ($4,088,658 x 10%) - $400,000 = $8,865.80 ≈ $8,866

allocation to bond issue costs = ($60,000 / $911,342) x $8,866 = $583.71  ≈ $584

allocation to bond discount = $8,866 - $584 = $8,282

Journal entry to record first coupon payment

January 1, 2014

Dr Interest expense 408,866

    Cr Cash 400,000

    Cr Discount on bonds payable 8,282

    Cr Bond issue costs 584

4 0
3 years ago
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