Life, Inc., experienced the following events in 2018, its first year of operation: Performed counseling services for $36,000 cash. On February 1, 2018, paid $18,000 cash to rent office space for the coming year. Adjusted the accounts to reflect the amount of rent used during the year.

See explanation section

Explanation:

We have to adjust the rent through the journal so that we can understand the rent expenses used during the year.

a) On February 1, 2018, paid $18,000 cash to rent office space for the coming year.

Debit - Prepaid Rent       $18,000

Credit - Cash                   $18,000

Paid rent for 1 year starting from February 2018 to January 31, 2019.

Since rent had been paid on February, 2018 to January 31, 2019, this year's adjustment was for 11 months. Each month's rent was = $18,000 ×

Each month's rent = $1,500

Therefore, 11 months rent = $18,000 × = $16,500

It means the company used 11 months rent during the year, and the expense was = $16,500

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

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