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mezya [45]
3 years ago
14

On June 1, 2019, Cain Company, a new firm, paid $4,300 rent in advance for a five-month period. The $4,300 was debited to the Pr

epaid Rent account. On June 1, 2019, the firm bought supplies for $7,250. The $7,250 was debited to the Supplies account. An inventory of supplies at the end of June showed that items costing $2,950 were on hand. On June 1, 2019, the firm bought equipment costing $44,160. The equipment has an expected useful life of 8 years and no salvage value. The firm will use the straight-line method of depreciation. Prepare end-of-June adjusting entries for Cain Company.
Business
1 answer:
strojnjashka [21]3 years ago
3 0

Answer:

S/N    Account and Explanation             Debit     Credit

1.        Rent expense                                  $860

         ($4,300 / 5 month)

                Prepaid rent                                             $860

         (To record adjusted rent expense)

2.      Supplies expense                            $4,300

        ($7,250 - $2,950)

               Supplies                                                     $4300

        (To record adjusted supplies)

3.      Depreciation expense                      $460

        (($44,160/8)/12)

                Accumulated depreciation                       $460

        (To record depreciation)  

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4 0
1 year ago
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3 years ago
The average ticket price for a concert at the opera house was ​$50. The average attendance was 2500. When the ticket price was r
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Answer:

The price per ticket should be $37.5

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First we need to determine the change in demand (attendance) as a result of every $1 increase in the price of ticket.

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I have 3 statements

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The characteristics of oral narrations are as follows.

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