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inn [45]
3 years ago
12

On June 1, Norma Company signed a 12-month lease for warehouse space. The lease requires monthly rent of $550, with 4 months pai

d in advance. Norma Company records the payment by debiting Prepaid Rent $2,200 and crediting Cash $2,200. At the end of June, what should be the balance of Norma's Prepaid Rent account
Business
1 answer:
Sati [7]3 years ago
7 0

Answer:

Balance = $1,650

Explanation:

As Norma company has paid 4 months rent in advance, therefore at the end of June, norma company will record its 1-month expense as follows

Adjusting entry at the end of June would be

                             DEBIT       CREDIT

Entry

Rent Expense     $550

Prepaid Rent                         $550

The balance on Norma's prepaid expense would be

Prepaid Rent  = $2200

Rent Expense = ($550)

Balance = $1,650

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Mediocre economists often consider only the immediate apparent effects of a change, whereas a good economist will also consider
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C. The importance of secondary effects

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Nico is saving money for his college education. He invests some money at 99​%, and ​$17001700 less than that amount at 4 %.4%. T
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Nico invest $2500 at 9% interest rate and $800 at 4% interest rate.

Explanation:

He invests some money at 9​%, and ​$1700 less than that amount at 4 %.

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It means he invest $( x-1700) at 4%.

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x\times \frac{9}{100}+(x-1700)\times \frac{4}{100}=257

0.09x+(x-1700)0.04=257

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Divide both sides by 0.13.

x=2500

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x-1700=2500-1700=800

Nico invest $800 at 4% interest rate.

Therefore Nico invest $2500 at 9% interest rate and $800 at 4% interest rate.

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3 years ago
A winning strategy is one that results in a company becoming the dominant industry leader. fits the company's internal and exter
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Answer:

The options are not properly aligned.Find the same question with proper alignment in the attached.

A winning strategy fits the company's internal and external situation, builds sustainable competitive advantage, and improves company performance.

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Which of the following is not a true statement about "demand"?
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Demand is the same as quantity demanded.

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