Joe received $4,000 in advance for renting part of his building. What is the entry to record the receipt of payment?
A) Debit Cash; credit Rent Expense
B) Debit Cash; credit Prepaid Rent
C) Debit Cash; credit Unearned Rent
D) Debit Cash; credit Rental Income
Correct Answer:
Verified
Q15: When using a perpetual inventory method, what
Q16: Inventory shrinkage
A) increases Cost of Goods Sold.
B)
Q17: Joe received $4,000 in advance for renting
Q18: The term used when the physical inventory
Q19: When the adjustment for Unearned Rent is
Q21: The periodic inventory system updates the record
Q23: The normal balance of Rental Income is:
A)
Q23: On December 1, Video Center received $2,400
Q24: At the end of the fiscal period
Q25: Assuming a periodic system, the beginning inventory
A)
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