Sam received $2,000 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;credit Rental Income
B) Debit Cash;credit Unearned Rent Revenue
C) Debit Unearned Rent,credit Rental Income
D) Debit Unearned Rent,credit Cash
Correct Answer:
Verified
Q1: Rental Income is what type of account?
A)
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
Q10: Unearned Rent Revenue results because:
A) no fee
Q12: Ending inventory:
A)increases Cost of Goods Sold.
B)decreases Cost
Q18: When the adjustment for Unearned Rent Revenue
Q19: The normal balance for Unearned Rent Revenue
Q20: Which of the following accounts is NOT
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