Answer:
D. debit Unearned Rent Revenue, $4720; credit Rent Revenue, $4720.
Explanation:
When the Cash was received for 6 month`s Rent the entry was :
Debit : Cash $28320
Credit : Unearned Rent Revenue $28320
At 31 July when 1 month`s rent expires the entry will be :
Debit : Unearned Rent Revenue (1/6 x $28,320) $4,720
Credit : Rent Revenue $4,720
thus
We reverse the liability - Unearned Rent Revenue and recognize Revenue for the month expired.
Answer:
A. True
Explanation:
The product life cycle is a term that describes a form of structure or arrangement of sales and profits of a product in a given time.
However, due to volatile marketing conditions, it is TRUE, that the sales and profits of an individual product may or may not follow the life cycle of the general pattern.
Hence, the correct answer in this situations is absolutely TRUE
Answer:
May 20
No Entry
June 14
Dr. Dividends $255,000
Cr. Dividend Payable $255,000
July 14
Dr. Dividend Payable $255,000
Cr. Cash $255,000
July 31
Dr. Retained Earnings $255,000
Cr. Dividend $255,000
Explanation:
Dividend = $0.5 x 510,000 = $255,000
May 20
Dividend is declared, No entry is required
June 14
Dividend to be recorded on this date. As dividend is not paid yet so it will be recorded as payable and on the other hand dividend account is debited to make a contra capital account of dividend.
July 14
Dividend is paid as cash is paid so, it will be credited and the liability is reduced so, it will be debited.
July 31
At the end of the period we have to adjust the Dividend Contra capital account in retained earning to make the dividend account zero.
No, companies need to hire people who have experience.
