Max received $6,000 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 Expense
C) Debit Cash;credit Unearned Rent Revenue
D) Debit Cash;credit Rental Income
Correct Answer:
Verified
Q1: The first entry to adjust Merchandise Inventory
Q1: Rental Income is what type of account?
A)
Q3: If $6,000 was the beginning inventory,purchases were
Q3: The second entry to adjust Merchandise Inventory
Q5: The normal balance of Income Summary is:
A)
Q6: Beginning inventory was $3,000,purchases totaled $20,000 and
Q8: As Unearned Rent Revenue is earned, it
Q9: Sam received $2,000 in advance for renting
Q18: When the adjustment for Unearned Rent Revenue
Q19: The normal balance for Unearned Rent Revenue
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