Sam received $8,000 in advance for renting part of his building. What is the entry to record the receipt?
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
Q6: Net Income equals:
A) Net Sales - Cost
Q7: Ending inventory:
A) increases Cost of Goods Sold.
B)
Q8: As Unearned Rent Revenue is earned, it
Q9: If $6,700 was the beginning inventory, purchases
Q10: Unearned Rent Revenue results because:
A) no fee
Q12: Cost of Goods Sold (under the Periodic
Q13: If gross profit exceeds operating expenses, the
Q14: When using a periodic inventory method, what
Q15: Rental Income is what type of account?
A)
Q16: Beginning inventory was $3,600, purchases totaled $20,200
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