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levacccp [35]
2 years ago
6

Adjustment for Unearned RevenueOn June 1, 20Y2, Herbal Co. received $42,890 for the rent of land for 12 months.Journalize the ad

justing entry required for unearned rent on December 31, 20Y2. Round your answers to the nearest dollar amount. If an amount box does not require an entry, leave it _______.
Business
1 answer:
serious [3.7K]2 years ago
6 0

Answer:

Dr unearned rent $25,019

Cr rental income              $25,019

Explanation:

The cash received on June 1 20Y2 for 12 months rent would have been debited cash while the unearned rent account would have been debited with the same amount.

As of December 31, 20Y2, the rent of 7-month(June-December) have now been earned and adjusted as follows:

earned rent for 7 months=$42,890*7/12=$25,019

The earned rental income would be debited to unearned rent and credit to rental income

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All of the following statements about GDP are false except Group of answer choices Higher GDP reflects more equal distribution i
zheka24 [161]

Answer:

Higher GDP reflects higher economic growth of an economy

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Net export = exports – imports

When exports exceeds import there is a trade deficit and when import exceeds import, there is a trade surplus.  

Items not included in the calculation off GDP includes:  

1. services not rendered to oneself

2. Activities not reported to the government  

3. illegal activities

4. sale or purchase of used products

5. sale or purchase of intermediate products

6. Measures for calculating happiness. so higher GDP doesn't indicate higher happiness

5 0
2 years ago
Assume two goods are substitutes. Ceteris paribus, a decrease in the price of one good will cause the equilibrium price of the o
Volgvan

Answer:

Fall or decrease

Explanation:

Other things being constant, if two goods are close substitutes, decrease in the price of one good will lead to fall in the demand of its substitute, The price of the good that has fallen is now available at cheaper price. So consumers will demand more of cheaper good, thereby increasing its demand and decreasing the demand of substitute good. As such, both equilibrium price and quantity of other good falls or decrease.

8 0
3 years ago
How do the terms business ethics and social responsibility differ from each other
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Http://www.differencebetween.net/business/difference-between-business-ethics-and-social-responsibili... might be useful for you. At the bottom part there is a tiny summary!!
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3 years ago
Treetopplers, a U.S. lumber company, produces wood at a plant in Oregon on September 13, 2017. It sells the wood to Buildit and
Iteru [2.4K]

Answer:

The answer is: Treetopplers's wood production is not included in the GDP

Explanation:

The GDP includes all the domestic production of final and legal goods and services.

The value of final goods is included, but not the parts that go into them (intermediate goods). In this case, the wood Treetopplers produce is used by other companies (e.g. Buildit and Partners) to build final goods such as new houses. So the wood is an intermediate good.

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3 years ago
You receive an email that you have won $100. For the company to transfer the money to your account, they need access to your ban
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Answer:

B

Explanation:

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