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sertanlavr [38]
3 years ago
10

On December​1, Mountain and Meadow Tree Service prepaid $6,600 for six​ months' rent. Give the adjusting entry to record rent ex

pense at December 31. Include the date of the entry and an explanation. Then post all amounts to the two accounts​ involved, and show their balances at December 31. Mountain and Meadow adjusts the accounts only at December ​31, the end of its fiscal year.
Business
1 answer:
DerKrebs [107]3 years ago
6 0

Answer:

Mountain and Meadow Tree services prepaid rent $6,600 on December 1 for 6 months rent.

Note for asset and expense accounts when they increase you debit and when they reduce you credit.

The first entry

On December 1 : Debit Prepaid Rent account for $6,600

Narration: Prepaid rent for 6 months

Balance: $6,600

Since the rent is for 6 months, monthly payment will be= 6,600/6= $1,100

On December 31 post the following adjusting entries

December 31 : Debit Rent Expense $1,100

Narration: Rent for December

Balance: $1,100

December 31 : Credit Prepaid Rent $1,100

Narration: Rent for December

Balance: $5,500

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A company determined that the budgeted cost of producing a product is $30 per unit. On June 1, there were 80,000 units on hand,
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Answer:

c) $9,000,000

Explanation:

The cost of good sold = Cost per unit × Quantity sold

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The cost of sold = $30 × 300,000 =  $9,000,000

This can be confirmed as follows:

                                                                  Unit

opening inventory                                     80,000

Production(see note below)                    <u> 340,000</u>

Available or sale                                       420,000

Closing inventory                                    <u>(120,000)</u>

Units sold                                                 <u>300,000</u>        

Cost of units sold = 300,000 × $30 = $9,000,000

Note :

Production budget = sales budget + closing inventory - opening inventory

= 300,000 + 120,000 - 80,000 = 340,000 units

                               

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Answer:

Cashier's check.

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The cashier's check can be sent out in form of a letter, fax or even a mail to the intended persons or organisation making the withdrawal.

Here, monies which are been orders are easily secured by use of a cashier’s checks.

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<h3>What is monetary policy and fiscal policy?</h3>

Monetary policy refers to central bank activities that are headed toward influencing the amount of money and credit in an economy. By contrast, fiscal policy guides to the government's decisions about tax and spending. Both monetary and fiscal policies are used to control economic activity over time

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