Answer:
Asset exchange transaction
Explanation:
Prepaid rent is an asset exchange transaction because cash (asset) is credited while prepaid rent (also an asset) is debited.
Rent paid in advance is recorded as follows:
Dr Prepaid rent
Cr Cash
As the months go by, the prepaid rent is credited and rent expenses is debited.
Dr Rent expense month 1
Cr Prepaid rent month 1
Gross profit is net sales minus the cost of goods sold. It reveals the amount that a business earns from the sale of its goods and services before the application of additional selling and administrative expenses.
Nothing really, you just might have a better idea of your budget if you do.
Answer:
Consumers help determine what goods and services will be produced through their purchasing decisions. I think :)
Explanation:
