Answer:
From all indications,the two rents received have been posted wrongly, I want to believe that you are required to post the adjusting entries,hence my answer below:
The first $9000 was posted to deferred revenue,whereas only two months should have been
First rent:
DR Deferred revenue $3000
CR Revenue $3000
Second Rent
DR Revenue $6000
CR Deferred revenue $6000
Explanation:
The first $9000 was posted to deferred revenue,whereas only two months should have been deferred and December rent recognized as rent.
As far as the second rent is concerned only one month has been earned,as a result the revenue should be credited with just $3000 for December.
This then mean that revenue from the second property has been overstated in December by $6000,this necessitated by adjustment above.
Answer:
C. Debit Office Supplies; credit Cash
Explanation:
The journal entry is shown below:
Accounts Payable A/c Dr $675
To Cash A/c $675
(Being the payment of an account payable is recorded)
For recording this transaction, we debited the account payable account and credited the cash account as cash is paid so it reduces the cash account for $675 so that the correct posting could be done
B. To provide law and order
Answer:
C. Private limited company
Explanation:
Ownership in a private limited company is restricted, unlike in a public limited company. The shareholders of a private limited company are usually family members, close friends, or people with a shared interest.
A private limited company can raise capital by selling additional shares. Because becoming a shareholder in a private limited company is restricted, private companies raise capital by selling shares to existing shareholders or to invited investors.
Answer:
B
Explanation:
Had the same question and it was the correct answer
