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Temka [501]
2 years ago
14

Fragment Company leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of

$825. Fragment collected the entire $6,600 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made on December 31 would be: Multiple Choice A debit to Unearned Revenue and a credit to Rent Revenue for $2,475. A debit to Rent Revenue and a credit to Cash for $2,475. A debit to Rent Revenue and a credit to Unearned Revenue for $2,475. A debit to Cash and a credit to Rent Revenue for $6,600. A debit to Unearned Revenue and a credit to Rent Revenue for $4,125.
Business
1 answer:
BARSIC [14]2 years ago
5 0

The adjusting entry made on December 31 by Fragment company would be:  A debit to Unearned Revenue and a credit to Rent Revenue for $2,475.

<h3>What is revenue?</h3>

Revenue is income earned by an individual or a business from the sale of any products or services offered. It is the value of all sales of goods and services recognized by a company in a period.

Amount unearned = Amount of total rent (3months / 8 months)

Amount unearned = 6,600 [3/8]

Amount unearned = $2,475

Journal entry:

Unearned rent A/c Dr $2,475

Rent A/c Cr                  $2,475

[Debit to Unearned Rent

Credit to Rent Earned for $2,475]

Learn more about revenue adjusting entries here : brainly.com/question/13448930

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Viktor [21]

The accounts payable account is a/an option C: <u>liability; credit, </u>and it has a normal.

<h3>What do you mean by Account payable?</h3>

A account payable is refers to as the monet owned by a company to its supplies and its represent in the firm's balance sheet.

The main role of account payable os to provide financial, administrative and clerical support to the firm. Their main role include complete the whole payment and control expenses.

Moreover, it is considered as the liability for each business because the company have to pay back its all due on particular period of time and it is credit in nature.

Hence, rest all options like A, B and D are incorrect because it does not considered under the account payable account.

Therefore, correct option is C.

Learn more about Account payable, refer to the link:

brainly.com/question/14438810

#SPJ1

5 0
1 year ago
Internal processes of a company contribute to the company's overall effectiveness. Identifying ways to improve internal processe
Contact [7]

Answer:

Explanation:

Internal processes of a company contribute to how effective the company runs. Looking for areas and ways to improve the internal processes will aid in building an organization that is highly efficient. The major causes needs to be known.

Ways of identifying the root causes might not be possible until basic analysis is carried out or sometimes it might be visible depending on the major problem facing the organization internally.

Internal process of a company increase the effectiveness of such company, identifying how to improve these internal processes helps to build an organization that is highly efficient.

6 0
2 years ago
Anna began with a balance of $86.54 in her checking account this month. she deposited $275.88 and wrote checks for $123.70, $66.
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8 0
3 years ago
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This document is published by the Office of Inspector General (OIG) every year. It details the OIG's focus for Medicare fraud an
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Answer:

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Explanation:

Work planning process for the Office of Inspector General (OIG) has always been vibrant and improvements have been created during the year to satisfy objectives, and with the available resources to anticipate and respond to emerging issues.

<em>The OIG Work Plan establishes various projects, such as OIG audits and evaluations which are yet to be established or arranged to be tackled by OIG's Audit Services Office and Evaluation and Inspections Office during the fiscal year and beyond.</em>

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3 years ago
Which is the During the last stage of the purchase decision process, known as ________, a consumer compares a purchased product
Sergio039 [100]

Answer:

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Explanation:

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