UNI Co.received $1,000 from Newbie as rent for the use of a building owned by UNI.How does this transaction affect UNI's accounts if UNI recognizes a liability?
A) Cash is increased and revenue is increased.
B) Cash is increased and revenue is decreased.
C) Cash is increased and unearned revenue is increased.
D) It is not recorded.
Correct Answer:
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