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Eddi Din [679]
2 years ago
11

on july 1, the knit shop paid $9,000 to townsend realty for 6 months’ rent beginning july 1. prepaid rent was debited for the fu

ll amount. if financial statements are prepared on july 31, the adjusting entry is:
Business
1 answer:
lubasha [3.4K]2 years ago
6 0

Answer:

debit Rent Expense, $1,500; credit Prepaid Rent, $1,500.

Explanation:

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Say you are grocery shopping and you come across an item for which the unit price is not labeled. How can you find the
ki77a [65]
Find a convenient and reasonable unit of measurement to use, then divide the cost of the package by the number of units chosen in that package.
3 0
3 years ago
Floating rate bonds are most likely to be popular with investors when it is anticipated that:_________.
fiasKO [112]

Answer:

i think d is the correct answer

6 0
3 years ago
Juan, not a dealer in real property, sold land that he owned. His adjusted basis in the land was $700,000 and it was encumbered
Zielflug [23.3K]

Answer:

45.45%

Explanation:

The total selling price was $200,000 (paid on the date of the sale) + $900,000 (note received) = $1,100,000

Juan's cost of he land = $700,000 (basis) - $100,000 (mortgage) = $600,000

Juan's profit = $1,100,000 - $600,000

Juan's gross profit percentage = $500,000 / $1,100,000 = 45.45%

6 0
3 years ago
Assume that Thomas can afford to buy as many candy bars and ice cream cones as he wants. He would continue to consume both candy
deff fn [24]

Answer:

Marginal utility of each becomes negative

Explanation:

Utility is defined as the level of satisfaction that a person gets from consuming a product.

The person keeps on consuming the item until the level of marginal utility for the product becomes less than zero.

That is there is no satisfaction anymore in consuming the product.

In the given instance Thomas will continue to consume both candy bars and ice cream until the level of satisfaction (marginal utility) is now less than zero or negative

3 0
3 years ago
The following transactions occur for Cardinal Music Academy during the month of October: Provide music lessons to students for $
Masteriza [31]

Answer:

a. Journal entry to record music lesson

Date         Account title and Explanation     Debit     Credit

October   Cash                                              $12,500

                       Service revenue                                    $12,500

                (To record music lesson for cash)

b. Journal entry to record prepaid insurance purchase

Date         Account title and Explanation     Debit     Credit

October   Prepaid insurance                         $3,660

                       Cash                                                        $3,660

                 (To record  prepaid insurance paid for next year)

c. Journal entry to record musical equipment purchased

Date         Account title and Explanation     Debit     Credit

October    Equipment                                    $15,500

                        Cash                                                      $15,500

                  (To record musical equipment purchase for cash)

d. Journal entry to record

Date         Account title and Explanation     Debit     Credit

October    Cash                                              $21,000

                        Notes payable                                       $21,000

                  (To record loan taken by signing a note)

6 0
3 years ago
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