Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 07, 2024

december 31, 2019 is the last day of the 4th month of operations. Bacol instead decided to use the expense method in accounting for prepayments.

december 31, 2019 is the last day of the 4th month of operations. Bacol instead decided to use the expense method in accounting for prepayments. The original emtry will include:

a. a debit to prepaid rent for 135,000

b. a credit to prepaid rent for 135,000

c. a debut to rent expense for 90,000

d. a credit to rent expense for 135,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

discuss objective and subjective approaches of measuring quantitative job demands, and how these two approaches relate to each other;

Answered: 1 week ago

Question

★★★★★

The following data were selected from the records of Tunga Company for the year ended December 31, 2015: The company sells merchandise for cash and on open account with credit terms 2/ 10, n/ 30....

Answered: 1 week ago

Question

★★★★★

Explain the risks associated with variable rate mortgages and for whom they may be appropriate.

Answered: 1 week ago

Question

★★★★★

Discuss the constant growth model and how we utilize WAAC in that valuation technique.

Answered: 1 week ago

Question

★★★★★

Suppose you are the operations manager at an airline company. The company guarantees its customers that its flights are delayed by at most three minutes on average, as opposed to much higher figures...

Answered: 1 week ago

Question

★★★★★

CASE 9-29 Master Budget for a Manufacturer [LO3, LO4] Garneau Manufacturing Ltd. produces and distributes a special type of chemical compound called Compound WX. The information below about Garneau's...

Answered: 1 week ago

Question

★★★★★

The master budget at Monroe Manufacturing last period called for sales of 43,500 units at $57 each. The costs were estimated to be $41 variable per unit and $539,000 fixed. During the period, actual...

Answered: 1 week ago

Question

★★★★★

Which sentence best explains a paragraph? a A collection of sentences that discuss several ideas. b A collection of ideas in many sentences to explain a topic. c A paragraph is a collection of...

Answered: 1 week ago

Question

★★★★★

please help Two charged objects are located at the vertices of a right-angle triangle as shown. O A = - 5.0 PC 20 cm X

Answered: 1 week ago

Previous Question Next Question