Based on the given transactions in July, the journal entry to record the payment of rent on July 31st is:
Date Account Title Debit Credit
July 31st Rent expense $3,000
Prepaid Expenses - Rent expense $3,000
<h3>How to write the journal entry for prepaid expenses?</h3>
Accounting uses the accrual basis which means that expenses are only recognized when they have been incurred and not when they are paid for. If you paid $40,000 for rent and yet your monthly rent is $5,000, only the $5,000 will be recognized as rental expense. The rest of the money is treated as a prepaid expense.
When another month elapses, then the other amount of rent can be recognized as is the case here. The month ended on July 31st and there was a need to record rental expense and so it was recorded at the rent expense of $3,000.
The journal entry would therefore show Rent Expense account is debited and the Prepaid Expenses account is credited to show it is reducing.
Full question is:
Record the journal entry to represent the payment of rent.
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Answer and Explanation:
The computation is shown below:
1
Labor efficiency variance = Labor spending variance+Labor rate variance
= $450 + $500
= $950U
Now as we know that
Labor efficiency variance = SR × (AH-SH)
950 = $38 × (AH - 58 × 2.50)
950 = $38 × (AH - 145)
25 = AH - 145
AH = 145 + 25
= 170
Actual labor hours = 170 hours
2
Labor rate variance = AH × (SR-AR)
450 = 170 × ($38 - AR)
2.65 = 38 - AR
AR = 38 - 2.65
= $35.35
Given:
<span>initial investment 2,000,000.
the new facility will generate annual net cash inflows of $520,000 for ten years.
engineers estimate that the facility will remain useful for ten years and have no residual value.
Payback period = Initial Investment / Cash Inflow per period
Payback period = 2,000,000 / 520,000
Payback period = 3.85 years or 3 years and 10 months.
Accounting Rate of Return (ARR) = Average Annual Profit / Average Annual Investment
Average annual profit = 520,000
Average annual investment = 2,000,000 / 10 years = 200,000
ARR = 520,000 / 200,000 = 2.60 or 260%
NPV = 520,000 * [(1-(1.14)</span>⁻¹⁰ /0.14)] - 2,000,000
<span>NPV = 520,000 * 5.216 - 2,000,000
NPV = 2,712,320 - 2,000,000
NPV = 712,320
</span>
Answer:
Human resource managers play a key role in developing an organization's culture. They facilitate communication between a company's managers and employees, helping to resolve disputes or complaints and advise executives on relevant policies for workplace conduct.
Explanation:
The Human Resource Manager will lead and direct the routine functions of the Human Resources (HR) department including hiring and interviewing staff, administering pay, benefits, and leave, and enforcing company policies and practices.
btw this is my second account
