A landlord collected $5,000 cash from a tenant for December 2019's rent but the contract rate set for the tenant's December rent is $8,000.Which of the following is true with respect to the landlord's financial statements using generally accepted accounting principles?
A)$8,000 would be reported on the statement of cash flows.
B)$8,000 would appear on the balance sheet as rent receivable.
C)$8,000 would appear on the income statement as rent revenue.
D)$5,000 would appear on the balance sheet as prepaid rent.

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The Answer of A landlord collected $5,000 cash from a tenant for December 2019's rent but the contract rate set for the tenant's December rent is $8,000.Which of the following is true with respect to the landlord's financial statements using generally accepted accounting principles?
A)$8,000 would be reported on the statement of cash flows.
B)$8,000 would appear on the balance sheet as rent receivable.
C)$8,000 would appear on the income statement as rent revenue.
D)$5,000 would appear on the balance sheet as prepaid rent.

A Landlord Collected $5,000 Cash from a Tenant for December