On December 1, Video Center received $2,400 for two years' rent in advance from Gaffey Company. The December 31 adjusting entry that Video Center should make is to
A) debit Rental Income; credit Unearned Rent $1,200.
B) debit Cash; credit Rental Income $1,200.
C) debit Unearned Rent; credit Rental Income $100.
D) debit Unearned Rent; credit Rent Expense $100.
Correct Answer:
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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)
Q24: At the end of the fiscal period
Q25: Assuming a periodic system, the beginning inventory
A)
Q26: As the Unearned Rent is earned,
A) the
Q27: At the start of the year, Northern
Q28: The financial statement on which Unearned Rent
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