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The sacrificial partner is the one whose share reduces as the profit-sharing ratio changes. It seems that the economy may be facing a catastrophic recession of a magnitude not seen since the Great Depression of the 1930s may be on the horizon. Next, Using Okun’s law, we can estimate how much output will fall given […]
If the rent is due on the first day of every month, and you bear all at once on January 1 for the year, you’ve paid rent in advance. Rent received in advance is unearned revenue, but it’s not revenue because you haven’t earned it yet. Adjustment Entry for rent received in advance would be […]
A common example would be if you are the landlord of an apartment building where the tenants pay rent on a monthly basis. These receipts are a way for the landlord to keep track of all rent payments. They are especially important when a renter pays cash, to provide proof of receipt for tracking purposes. […]
The rent expense account will decrease expenses on the income statement while prepaid rent will reduce assets on the balance sheet. During the time you’re a landlord, you may encounter tenants who offer to pay you several months’ rent upfront. It’s certainly tempting to have tenants who will be paying rent in advance — and …
So, the five types of accounts are used to record business transactions. The first three, assets, liabilities, and equity all go on the company balance sheet. The last two, revenues and expenses, show up on the income statement. In a corporation, capital represents the stockholders’ equity. Thus, the accounting formula essentially shows …