Answer:
Sunland Inc.
Adjusting Journal Entries:
Account Titles and Explanation Debit Credit
Interest Expense $1,152
Interest Payable $1,152
To record accrued interest for 8 months.
Rent Revenue $2,600
Deferred Revenue $2,600
To record deferred rent revenue for 2 months.
Supplies Expense $1,570
Supplies $1,570
To record supplies expense for the period.
Explanation:
a) Data and Calculations:
1. Interest Expense $1,152 Interest Payable $1,152 ( $28,800 * 6% * 8/12)
2. Rent Revenue $2,600 Deferred Revenue $2,600 ($7,800 * 2/6)
3. Supplies Expense $1,570 Supplies $1,570 ($2,110 - $540)
b) The above adjusting journal entries are made in order to reverse the earlier entries made. The purpose is to bring the accounts in line with the accrual concept and the matching principle of generally accepted accounting principles. These require that expenses and revenues for the period are matched and recognized whether or not cash is exchanged.
D. leniency is based on when somebody rates an employee too high. Strictness error is when somebody was rated very very low.
Answer:
d. $90,000, $60,000, $30,000 respectively.
Explanation:
The computation of price allocated is shown below:-
Ratio of values $90,000 : $60,000 : $30,000
= 3 : 2 : 1
Total cost = $180,000
Equipment = $180,000 × 3 ÷ 6
= $90,000
Installation= $180,000 × 2 ÷ 6
= $60,000
Training = $180,000 × 1 ÷ 6
= $30,000
Therefore the Equipment, Installation, Training is $90,000, $60,000, $30,000 respectively.
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Explanation:
