Helmsley Corporation received one year's rent in advance on a warehouse. This transaction results in a(n) ________.
A) expense
B) liability
C) asset
D) revenue

Name: Helmsley Corporation received one year's rent in advance on a warehouse. This transaction results in a(n) ________. A) expense B) liability C) asset D) revenue
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Question

Quizplus · Accepted Answer

Receiving rent in advance creates a liability for Helmsley Corporation, as they owe the tenant the use of the warehouse for the period covered by the advance payment.

Helmsley Corporation Received One Year's Rent in Advance on a Warehouse