Tents'n'Tarps Company sets up a large event tent for the local food festival. The tent will be rented to the Business Improvement Association for two weeks for a total cost of $4,400. The event takes place over the Canada Day weekend. So, one week of the rental takes place in June, and the other week is in July. Tents'n'Tarps will bill the Business Improvement Association on July 6 for the two week rental. Record the June 30 adjusting entry to update Tents'n'Tarps's financial records for the one week it has earned rental revenue Complete the journal entry below. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Tents'n'Tarps Company sets up a large event tent for the local food festival. The tent will be rented to the Business Improvement Association for two weeks for a total cost of $4,400. The event takes place over the Canada Day weekend. So, one week of the rental takes place in June, and the other week is in July. Tents'n'Tarps will bill the Business Improvement Association on July 6 for the two week rental. Record the June 30
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Accounts
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Credit
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