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tamaranim1 [39]
3 years ago
9

Business collected S6,600 rent in advance on July 1. Accountant record the journal entry for this collected amount on July 1. Th

is rent is for one year. On December 31, business earned rent for 6 months from July to December. The amount of rent earned for six month is computed below:
Prepaid Rent for 6 months= Total prepaid rent/ Duration of rent
= $6,600/12 *6
= $3,300

So, rent earned by the business is $3,300.
Adjusting entry on December 31 is recorded as shown below:

Date Particulars Debit Credit
Dec.31 Unearned Revenue $3,300
Rent Revenue $3,300
(To record rent revenue earned that was collected in advance.)
Business
1 answer:
suter [353]3 years ago
3 0

Answer:

This is correct

Explanation:

There will be two entries. One at the time of receiving cash on 1st July . That would be

Cash. B. $6600 (debit)

Unearned Rent Revenue. $ 6600 (credit)

On 31st Dec an adjusting entry would be made . The rent for 6 months will be calculated which will be as given above.

Rent for 6 months = ( 6,600/12 )* 6= $ 3,300

The entry will be

Unearned Rent Revenue $3,300 (debit)

Rent Revenue $ 3,300 (credit)

$ 3300 will be deducted from the current liabilities on the credit side.

Rent Revenue of $3300 will be added on the credit side of the income statement.

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16 1/12 hours.  To make it easier add up all the whole numbers first then find the common denominator, which is 12. Turn all the fractions into fractions with the denominator of 12 add those up and you shall get 16 1/12.
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3 years ago
The manufacturing operations of a company had the following balances for the year: Beginning Balance Ending Balance Raw material
Mekhanik [1.2K]

Answer:

The Adjusted Cost of Goods Sold for the year is $926,000

Explanation:

The formula to compute COGS is:

Ending inventory = Opening inventory + Work in progress - Unadjusted COGS (Cost of Goods Sold)

$ 23,000 = $28,000 + 918,000 - COGS

COGS = $946,000 - $23,000

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The formula to compute the Adjusted Cost of Goods Sold is:

Adjusted Cost of Goods Sold = Unadjusted Cost of Goods Sold + Under- applied overhead

= $923,000 + $3,000

= $926,000

3 0
3 years ago
Among salespeople, ________ often represent products that have few options, such as magazine subscriptions and highly standardiz
disa [49]

Among salespeople,  order takers often represent products that have few options, such as magazine subscriptions and highly standardized industrial products.

<h3><u>Explanation:</u></h3>

A sales person who only aims in getting new orders and will not take any actions regarding finding new customers or increasing the existing order frequency. He will not aim in the increasing of the sales that already exists. He aims only in money making process.  

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4 0
3 years ago
You are investing $500 today. If it is compounded semi-annually at an annual interest rate of 13% for the next 5 years, your inv
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Answer:

Explanation:

In this question, we are expected to know the amount a certain investment would have grown to after 5 years.

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4 0
3 years ago
A company wants to restrict access to sensitive data. Only those who have a "need to know" will have access to this data. Strong
Sergeeva-Olga [200]

Answer:

Password and U2F token

Explanation:

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The U2F refers to the universal two-factor authentication. It can be used through the USB, NFC, Bluetooth device

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