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
murzikaleks [220]
2 years ago
9

Certain adjusting entries made at the end of an accounting period are reversed at the beginning of the following period Required

: Analyze the following four adjusting entries made on December 31, and determine whether a reversing entry is needed. Date DebitCredit Reversing entry Reversing entry Description necessary not necessary Dec. 31Rent Expense 1,000 Prepaid Rent 1,000 31 Taxes Expense 1,750 Taxes Payable 1,750 31 Deferred Rent Revenue 1,550 Rent Revenue 1,550 31 Salaries Expense 150 Salaries Payable 150
Business
2 answers:
frutty [35]2 years ago
6 0

Answer:

No reversing entry is needed as they are all posted correctly

Explanation:

1. Rent Expense 1,000 Prepaid Rent 1,000

This entry is correct because it rent had been prepaid, then the entry would have been to debit 'Prepaid Rent'and credit Cash/Bank. However at the end of the period when rent is accrued, you debit 'rent expense' and credit 'prepaid rent'

2.Taxes Expense 1,750 Taxes Payable 1,750

This entry is correct because at the end of the period when Tax is accrued, you debit 'Tax expense' and credit 'Tax payable' because tax is always paid much later in a future period not the current period

3. Deferred Rent Revenue 1,550 Rent Revenue 1,550

This entry is correct because at the end of the period when rent income is earned, but has been paid for before: you debit 'Deferred Rent Revenue' and credit 'Rent Revenue' because (at least a portion of) the deferred rent revenue is now earned.

4. Salaries Expense 150 Salaries Payable 150

This entry is correct because at the end of the period when Salary is accrued, you debit 'Salary expense' and credit 'Salaries payable'

zepelin [54]2 years ago
5 0

Answer:Answer: Dr: Rent expense $1,000, Cr : Prepaid Rent $1,000, Dr:Tax expense $1,750, Cr: Tax payable $1,750, Dr: Deferred Rent Revenue $1,550, Cr: Rent Revenue $1,550, Dr:Salaries expense $150, Cr: Salaries payable $150

Explanation:

The journal entry will be

Account Name. Dr. Cr

$ $

Rent expense. 1,000

Rent prepaid. 1,000

Account Name. Dr. Cr

$ $

Tax expense. 1,750

Tax payable. 1,750

Account Name. Dr. Cr

$ $

Deferred Rent Revenue. 1,550

Rent Revenue. 1,550

Account Name. Dr. Cr

$ $

Salaries expense. 150

Salaries payable. 150

You might be interested in
WILL MARK BRAINLIEST!!!!!
kolbaska11 [484]

Answer:

selling an investment for more than they paid for it

Hope this helps plz mark me brainliest

7 0
3 years ago
Tengo una pregunta de mi clase económica y finanzas personales <br><br> A debtor is??
astraxan [27]

Answer:

A person that owes money

Explanation:

que tengas buen dia

7 0
3 years ago
?a(n) ________ is a manifestation of assent by the offeree to the terms of the offer in a manner invited or required by the offe
Vesna [10]
The correct answer would be acceptance. It is a manifestation of assent by the offeree to the terms of the offer in a manner invited or required by the offer as measured by the objective theory of contracts. It happens when the offeree and offeror are in mutual understanding between the terms in a contract.
8 0
3 years ago
Explain the importance of mass communication​
pashok25 [27]
Another important objective of mass communication is to create public opinion on any national or international issue. Mass media attempts to create public opinion through providing their audiences with a realistic picture of the world, activities of the leaders, governmental politics
8 0
2 years ago
As Bubba's Bubble Gum Company adds workers while using the same amount of machinery, some workers may be underutilized because t
Allisa [31]

Answer: diminishing marginal product

Explanation:

A. When a firm in the market increase its level of production it results in reduction of cost which is called economies of scale.

B. Increase in cost that resulted due to unnecessary increase in level of production is called diseconomies of scale.

C. Increasing marginal product can be defined as the increase in output resulting due to employment of one more unit of input such as labor.

D.  Diminishing marginal product can be defined as the decrease in output resulting due to employment of one more unit of input such as labor.

From the above explanation we can conclude that right answer is diminishing marginal product .

4 0
3 years ago
Other questions:
  • A corporation in a 40% tax bracket invests in the preferred stock of another company and earns a 5% pretax rate of return. An in
    8·1 answer
  • Which philosopher was a proponent of the phrase "honesty is the best policy"?
    8·1 answer
  • When using the IDRC to assess the external environment the company will look at which of the following?
    10·1 answer
  • Fun! Inc. had total sales of $ 480,000 in 2014. The total cost of goods sold was $ 400,000 and the administrative and sales cost
    9·1 answer
  • Mariah Company has inventory at the end of the year with a historical cost of $ 95 comma 000. Mariah Company uses the perpetual
    8·1 answer
  • You are the regional sales manager for Standard Publishing Co. The company is preparing adjusting entries for the year ended Mar
    13·1 answer
  • Based on the following information, determine the location quotient for Amusement City and whether this city has a competitive a
    12·1 answer
  • Kelly Company sells its only product for $250 per unit. It has variable costs of $90 per unit. Annual fixed operating costs amou
    12·1 answer
  • Mô tả phong cách quản trị của tiến sĩ Nguyễn Thắng - TGĐ tập đoàn Herbalife
    15·1 answer
  • Roman Company is preparing its cash budget for the upcoming month. The budgeted beginning cash balance is expected to be $40,000
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!