On January 1, the Sleepy Monk Coffee Shop paid $22,500 for a full year of rent beginning on January 1. The rent payment was appropriately recorded in the Cash and Prepaid Rent accounts. If financial statements are prepared on January 31, the journal entry to record the adjustment would be.

A) Debit Prepaid Rent and credit Rent Expense for $22,500.
B) Debit Rent Expense and credit Prepaid Rent for $22,500.
C) Debit Prepaid Rent and credit Rent Expense for $1,875.
D)Debit Rent Expense and credit Prepaid Rent for $1,875.

Which of the following accurately describes a situation in which consumers have elastic demand? a. a restaurant starts using margarine instead of butter because butter becomes more expensive. b. consumers boycott a restaurant because the waiters aren't paid minimum wage. c. a company starts using sugar instead of corn syrup because its revenues are up. d. people give up eating pasta and bread because they want to lose weight. 2b2t

What is the most direct result of free trade supplying productive resources to areas where they're most needed? a. enhanced efficiency b. lower interest rates c. increasing specialization d. greater competition 2b2t

Jamie is saving for a trip to europe. she has an existing savings account that earns 3 percent annual interest and has a current balance of $4,200. jamie doesn’t want to use her current savings for vacation, so she decides to borrow the $1,600 she needs for travel expenses. she will repay the loan in exactly one year. the annual interest rate is 6 percent. a. if jamie were to withdraw the $1,600 from her savings account to finance the trip, how much interest would she forgo? .b. if jamie borrows the $1,600 how much will she pay in interest? c. how much does the trip cost her if she borrows rather than dip into her savings?