Answer:
The adjusting entry needed on December 31 is:
Debit Unearned Rent revenue $10,800
Credit Rent Revenue $10,800
Explanation:
Following the Accrual accounting - an accounting method that revenue or expenses are recorded when a transaction occurs rather than when payment is received or made.
The tenant paid five months' rent in advance on October 1. From October 1 to December 31, Vista View Company had rented warehouse space to a tenant for 3 months.
The adjusting entry needed on December 31 is:
Debit Unearned Rent revenue $10,800 ($3,600 x 3 = $10,800)
Credit Rent Revenue $10,800
Freedom of individual choice is possible to the extent that the market provides options for work, developing a business, and purchasing goods and services (so long as you can afford them).
Hope this helps :)
<h2>Luke cannot sell the product because patent is already been issued to the similar product.</h2>
Explanation:
According to the given scenario, Luke though he is an inventor and he has created a product which is similar to already patented, Luke is not allowed to sale based on the patent rule.
Since there is a patent right obtained by someone for similar product, then what Luke is trying to do is against the Patent law.
Luke cannot prove that he already had an idea. Any law always needs a proof than a statement.
Luke may be punishable under the patent law if he tries to sell his invention.
