On June 1, 2019, an advance rent payment of $8,400, representing a four-month prepayment for the months of June, July, August, a
nd September, was received in cash from the company’s tenant. The journal entry to record the effects of the four months of rent collected in advance on June 1, 2019 is: A. Dr.Cash 8,400 /Cr.Rent Revenue 8,400
B. Dr.Cash 8,400/ Cr.Unearned Rent Revenue 8,400
C. Dr.Unearned Rent Revenue 6,300/ Cr.Rent Revenue 6,300
D. Dr.Unearned Rent Revenue 2,100 /Cr.Rent Revenue 2,100
The payment received will increase the cash account by $8400 and we will debit the Cash account by $8400. The rent is received on 1 June 2019 and is for the 4 months starting from June. On 1 June, the rent is still unearned and will be recorded as earned or Rent revenue when the month of June ends. So, right now, the total amount of the rent received in advance is unearned and the entry on 1 June 2019 will be,
The final paragraph of a cover letter should include specifics as to why the employer should take the application process further with an interview.
The impressiveness of the cover letter attached to the job application often helps the employer devise the level of intelligence and smartness that the candidate bears.
It is primarily necessary to keep the cover letter precise, compact, and to the point, and for that, the content of the letter is needed to be planned intelligently.
The closing part of the cover letter is probably the last thing that the employer gets to know more about you from before meeting you in person. Hence, it is necessary to pay special attention when writing the final paragraph of the cover letter.
The amortization period will be 15 years for the tax purposes.
In the case of covenant or any intangible assets ( like patents, copyright etc ) , when it is decided not to compete ( just like in the case given in the question ) , then the amortization can be done for a period of 15 years , starting from the month of acquisition , using the straight line basis.
According to Rule of 72, an amount of investment equal to $5,000 with an investment interest with an average of 6 percent will only take 12 years to double the value. The price will be equal to $10,000 after 12 years.