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 _______.
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
A decision tree is a graph of decisions and their possible consequences; it is used to create a plan to reach a goal. Decision trees are used to aid in making decisions.
Economies of scale is achieved when the average goods and services decrease whereas the volume of the goods and services increases. Diseconomies of scale is achieved when the average unit cost of goods and services increases with the increase in the volume of goods and services.
A monopoly is a company that can control the market. For example the government could put a hight import tax on shoes so no one would ship shoes into the countryman this means that the only shoe brand in the country can adjust there prices of their shoes and people would still buy them because there is no other shoe brand. This shows that they have control over the market (Or sitting at at monopoly position)
