Crown Properties leases its units for $3,500 per month, payable on the first day of the month. One tenant is having some financial difficulties. Crown Properties has agreed to allow the tenant to pay half of December’s rent on the last day of December and the other half sometime in January. Prepare Crown Properties journal entry for this tenant on December 31, 2022.
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.
Crown Properties leases its units for $3,500 per month, payable on the first day of the month. One tenant is having some financial difficulties. Crown Properties has agreed to allow the tenant to pay half of December’s rent on the last day of December and the other half sometime in January. Prepare Crown Properties
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