Apartments-for-Rent Corporation received cash of $7,200 on August 1, 2020 for one year's rent in advance and recorded th
Posted: Mon May 30, 2022 7:36 am
Apartments-for-Rent Corporation received cash of $7,200 on
August 1, 2020 for one year's rent in advance and recorded the
transaction with a credit to Rent Revenue. The December 31, 2020
adjusting entry shall be:
Multiple Choice
a)None of the other alternatives are correct
b)Debit Unearned Rent and credit Rent Revenue, $3,000
c)Debit Cash and credit Unearned Rent, $4,200
d)Debit Rent Revenue and credit Unearned Rent, $4,200
e)Debit Rent Revenue and credit Unearned Rent, $3,000
August 1, 2020 for one year's rent in advance and recorded the
transaction with a credit to Rent Revenue. The December 31, 2020
adjusting entry shall be:
Multiple Choice
a)None of the other alternatives are correct
b)Debit Unearned Rent and credit Rent Revenue, $3,000
c)Debit Cash and credit Unearned Rent, $4,200
d)Debit Rent Revenue and credit Unearned Rent, $4,200
e)Debit Rent Revenue and credit Unearned Rent, $3,000