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Answer:
Debit Unearned Fees, $8,370
Credit Fees Earned, $8,370
Explanation:
Based on the information given we were told that the Company received the amount of $33,480 from Santa Fe for 36 month on April 1 in which we are to assumed that the adjustments will be made at the year end this means that the adjusting entry will be to:
Debit Unearned Fees, $8,370
Credit Fees Earned, $8,370
Calculated as :
Amount received $33,480/36 months ×9 months
=$8,370
Note that from 1st April to 31st December will give us 9 months.
Answer:No, Because the signed agreement was for previous violations, it does not cover future violations.
Explanation: Trademarks are intellectual property rights that is represented by appropriate signs, pictures etc signifying that the owner of the product has the right to the trade if certain types of product or products.
Trademark are legally approved rights that any violations can lead to severe consequences based on the enabling laws as enshrined in the constitution of a country.
