Consider each of the following independent situations.
Required: For each situation,describe the cost as one of the following: fixed cost,variable cost,mixed cost,or step cost.
Definitions:
Unearned Rent Revenue
Income received by a company for rent that has not yet been earned because the rental period has not occurred.
Office Space
Premises used by businesses to carry out their day-to-day activities and operations.
Interest-Bearing Note
A debt instrument that requires the borrower to pay not only the principal amount but also periodic interest payments.
Adjusting Entries
Entries made in journal accounts at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
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