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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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Answer:

a. Maturing of a product

When the product reaches its maturity stage, its sales volume reduces considerably. This would require different marketing strategies like product enhancement, price changing or developing new designs, etc.

b. Technology innovation in the manufacturing process

This will cause many changes in the strategy as technological innovation would reduce manual labor cost. Also, the organization would need skilled employees to deal with the new technology.

- Cost cutting is instituted.

- Product changes decrease.

- Design compromises are instituted.

- Labor Skills decrease

- Optimum capacity may be achieved

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6 0
3 years ago
Sunland Corporation purchased a limited-life intangible asset for $468000 on May 1, 2019. It has a useful life of 10 years. What
Jobisdone [24]

Answer: $124800

Explanation:

First, we have to calculate the ammortization expense which will be:

= $468000 / 10

= $46800

May 2019 = ($46800 × 8/12)

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December 2020 = $46800

December 2021 = $46800

Ammortization expense will now be:

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8 0
3 years ago
Who was the first human beings​
denpristay [2]

Answer:

there is not first human beings but I hope this will help you

Explanation:

The earliest members of the genus Homo are Homo habilis which evolved around 2.8 million years ago. Homo habilis has been considered the first species for which there is clear evidence of the use of stone too

8 0
3 years ago
The pharmacist needs to measure out 35 grams of a 70% powder using the 50% and 90% powders he has in stock. how much of each pow
aleksandrvk [35]
The pharmacist needs to measure out 17.5 grams of the 50% powder and 17.5 grams of the 90% powder and should end up with 35 grams of the 70% powder thus making for an easy method of calculation for mixing the two powders.
4 0
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Which type of business ownership represents a hybrid between a partnership and corporation by allowing up to 100 shareholders wi
soldi70 [24.7K]

<u>Answer:</u>Option 2 limited liability partnership

<u>Explanation:</u>

Limited Liability partnership (LLP) is a hybrid between a corporation and partnership firm. LLP has more than one partner and some partners liabilities are limited as well as protected from other partner's liability. They also do not pay income taxes. The profits and deductions of the company are taken by the partners individually.

The LLP should have minimum two partners and maximum is not a limit. If there is any financial loss for the business it need not be borne by the partners.

7 0
3 years ago
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