Joe received $4,000 in advance for renting part of his building for 4 months. What is the entry to record the adjustment after one month has passed?
A) Debit Cash $1,000; credit Rental Income $1,000
B) Debit Cash $4,000; credit Rental Income $4,000
C) Debit Unearned Rent $1,000, credit Rental Income $1,000
D) Debit Unearned Rent $4,000, credit Rental Income $4,000
Correct Answer:
Verified
Q12: What inventory method is used when the
Q13: A characteristic of a perpetual inventory method
Q14: The normal balance for Unearned Rent is
A)
Q15: When using a perpetual inventory method, what
Q16: Inventory shrinkage
A) increases Cost of Goods Sold.
B)
Q18: The term used when the physical inventory
Q19: When the adjustment for Unearned Rent is
Q20: Joe received $4,000 in advance for renting
Q21: The periodic inventory system updates the record
Q23: The normal balance of Rental Income is:
A)
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