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Natali [406]
3 years ago
14

Bonita Real Estate received a check for $28440 on July 1 which represents a 6 month advance payment of rent on a building it ren

ts to a client. Unearned Rent Revenue was credited for the full $28440. Financial statements will be prepared on July 31. Bonita Real Estate should make the following adjusting entry on July 31:
A. Debit Cash, $28440; Credit Rent Revenue, $28440.
B. Debit Rent Revenue, $4740; Credit Unearned Rent Revenue, $4740.
C. Debit Unearned Rent Revenue, $4740; Credit Rent Revenue, $4740.
D. Debit Unearned Rent Revenue, $28440; Credit Rent Revenue, $28440.
Business
1 answer:
Alenkasestr [34]3 years ago
8 0

Answer:

C. Debit Unearned Rent Revenue, $4740; Credit Rent Revenue, $4740.

Explanation:

When money is collected in advance for service yet to be rendered, we credit unearned revenue and debit cash. As the service becomes rendered, we debit unearned revenue with the amount earned and credit revenue.

Since the money was received on 1 July and the Financial statements will be prepared on July 31, by the date of the preparation, the company has earned 1 month rent. This rent is equivalent to

= $28440/6

= $4760

Hence the adjusting entry on July 31 will be

C. Debit Unearned Rent Revenue, $4740; Credit Rent Revenue, $4740.

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Employees at printing company is the best rates on advertising, A shop that sells fine glass is Get the best rates on supplier purchases.

<h3 /><h3>What are the other situation that fix the below statements?</h3>

There are 12 places to buy yarn needed for knitting factories is Use resources wisely,  two stores sell same video game at the same price is Eliminate some free services. At a sign making company the extra metal is discarted is Increase worker efficiency.

Thus, the numbering has done in above statements correctly

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6 0
2 years ago
Products are winnowed out as they make their way down the path from conception to consumption, a process called ________.
Brilliant_brown [7]

Answer: cultural selection

Explanation:

Products are winnowed out as they make their way down the path from conception to consumption, a process called cultural selection.

Cultural selection theory is a theory about how certain things spread in the society, such as an art, a religious ritual etc. Due to innovation and other criteria, products will be winnowed out.

8 0
3 years ago
A farmer sells a bushel of corn to the supermarket for $12. The supermarket then sells the corn to customers for $25. What is th
allsm [11]

Answer:

$ 25

Explanation:

As per the description, the exact amount that is being contributed from the corn bushel to the Gross Domestic Product would be $ 25. The price at which the farmer sold it to the supermarket would not be included in the GDP because it would be considered as an intermediary good because the good purchased for the resale purpose is not included in GDP as it leads to double-counting. Thus, <u>only the price of the final good i.e. $ 25 would be included in GDP as it will now be used for final consumption by the customers</u>.

6 0
3 years ago
Click to review the online content. Then answer the question(s) below, using complete sentences. Scroll down to view additional
Juli2301 [7.4K]

Answer:

Healthcare practitioners & supporters and Management have highest percentage increase anticipated.

Explanation:

The Healthcare practitioners have most demand in the market is because of the fact that developing countries have higher demand for these jobs and thus they show highest growth.

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The automation will affect most of the difficult jobs and would increase efficiency in the coming future. The occupations that would be affected will be aggriculture production operations.

7 0
3 years ago
Company X wants to borrow $10,000,000 floating for 5 years. Company Y wants to borrow $10,000,000 fixed for 5 years. Their exter
CaHeK987 [17]

Answer:

The answer is:

10% fixed rate = Company X's external borrowing (rate);

11.8% fixed rate = Company Y's payment to X (rate);

LIBOR + 1.5% = Company X's payment to Y (rate);

LIBOR + 1.5% = Company Y's external borrowing rate.

Explanation:

First, X will borrow at 10% fixed and Y will borrow at LIBOR + 1.5% floating; both at notational principal of $10 million.

Then; they will enter into a interest swap where:

- X will pay to the swap the interest rate of Libor +1.5% and receive from the swap the fixed interest rate of 11.8%. Thus, X interest income and interest expenses will be: Borrowed at fixed 10% and payment at Libor+1.5% to the swap; Receipt of 11.8% from the Swap=> Net effect: X borrowed at LIBOR - 0.3% ( saving of 0.3%).

- Y will pay to the swap the fixed interest rate 11.8% and receive from the swap LIBOR +1.5%. Thus, Y interest income and interest expenses will be: Borrowed at LIBOR +1.5 and payment 11.8% fixed to the swap; Receipt of Libor + 1.5% from Bthe Swap=> Net effect: Y borrowed at 11.8% fixed ( saving of 0.2%).

4 0
3 years ago
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