Glisten Co. leases an office to a tenant at the rate of $3,000 per month. The tenant contacted Glisten and arranged to pay the rent for December on January 8 of the following year. Glisten agrees to this arrangement. a) Prepare the journal entry that Glisten must make at year ended December 31 to record the accrued rent revenue.b) Prepare the journal entry to record the receipt of the rent on January 8 of the following year (Assume no reversing entries were made).
What will be an ideal response?
| a) | 12/31 | Rent Receivable | 3,000 | ? | ? |
| ? | ? | Rent Revenue Earned | ? | 3,000 | ? |
| ? | ? | ? | ? | ? | ? |
| b) | 1/08 | Cash | 3,000 | ? | ? |
| ? | ? | Rent Receivable | ? | 3,000 | ? |
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Sentra Sporting Company sells tennis rackets and other sporting equipment. The purchasing department manager prepared the inventory purchases budget. Sentra's policy is to maintain an ending inventory balance equal to 15% of the following month's cost of goods sold. January's budgeted cost of goods sold is $70,000. October November December Budgeted cost of goods sold60,000 40,000 50,000 Plus: Desired ending inventory6,000 ? ? Inventory needed66,000 ? ? Less: Beginning inventory9,000 ? ? Required purchase (on account)57,000 ? ? What is the amount of ending inventory that the company will report on its pro forma balance sheet?
A. $35,300 B. $7,500 C. $10,500 D. $60,500
If you were going to conduct an informative presentation on the historical events of 9/11, what type of organizational pattern would you use? Why?
What will be an ideal response?
David looks to his coworkers when determining whether or not he should obey the company’s code of ethics. He is reasoning at which level?
A. conventional B. preconventional C. postconventional (principled) D. none of these
Which of the following exemplifies the observable artifact category of physical structures?
A. the label on every can of Primal Urge Dog Food that is emblazoned with the words: "We love dogs, and we put that love into all of our products" B. the elaborate, marble-floored conference room where Bull and Bear Wealth Management Partners conducts meetings with its top clients C. the HR supervisor for Double-Dipped Donuts who tells all new employees how the founder came up with the name of the company after accidentally glazing the same donuts twice D. the annual holiday party thrown by Party Planner Professionals that also serves as a hands-on demonstration of the coming year's product line E. the group meeting held every Monday morning at Coastal Coffee Roasters where the CEO has every employee sample a cup of that week's featured roast