Joe received $5,000 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
C) debit Unearned Rent,credit Rental Income
D) debit Unearned Rent,credit Cash
Correct Answer:
Verified
Q5: Cost of Goods Sold equals:
A)Beginning Inventory +
Q6: As Unearned Rent is earned, it becomes
A)
Q7: Which of the following accounts is not
Q8: Unearned Rent is what type of account?
A)
Q9: The normal balance of Income Summary is:
A)debit.
B)credit.
C)The
Q11: Net Income equals
A) Net Sales - Cost
Q11: Joe received $5,000 in advance for renting
Q12: What inventory method is used when the
Q12: Beginning inventory was $4,000,purchases totaled $22,000 and
Q13: Ending inventory:
A)increases Cost of Goods Sold.
B)decreases Cost
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