On March 1, 2016, Nortons, Inc. paid $60,000 as office rent covering the three-month period ending May 31, 2016. Journalize the entry on March 1 by using the alternative treatment of deferred expenses
What will be an ideal response
Rent Expense 60,000
Cash 60,000
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Materials and direct labor flow into which of the following accounts?
a. finished goods b. work in process c. cost of goods sold d. operating expenses
In the scoping stage of the new product development process, ______.
A. the team evaluates the technical merits of the product in relation to its potential target market B. the team analyzes the channels through which the product can be distributed C. the team reviews the media for advertising the product D. the team recruits the team that will manufacture the product
Which of the following cases would cause the tax liability to be greater than tax expense?
a. Receipt of cash for rent prior to the period in which services are performed. b. Income from long-term construction contracts using the percentage-of-completion approach for financial accounting and the completed-contract approach for income taxes. c. Installment sale income recognized for financial purposes at the time of sale and when cash is collected for taxes. d. Accelerated depreciation for taxes and straight-line depreciation for income taxes.
The major contributing factor for expatriate failure is
a. the manager’s personal maturity b. the differences in compensation c. the lack of technical competence d. the inability of the expatriates and their families to adjust to the foreign culture