8. On February 1, 2021, Ace Company received $36,000 in advance for a three-year rental of land, andcredited Rent Revenue. The correct December 31, 2021 adjusting entry would bea. Unearned Rent25,000Rent Revenue25,000b. Rent Revenue25,000Unearned Rent25,000c.Unearned Rent11,000Rent Revenue11,000d. Rent Revenue11,000Unearned Rent11,000

Adjusting entries are prepared at the end of the accounting period to ensure the accrual base…

8. On February 1, 2021, Ace Company received $36,000 in advance for a three-year rental of land, and credited Rent Revenue. The correct December 31, 2021 adjusting entry would be a. Unearned Rent Rent Revenue b. Rent Revenue 25,000 25,000 25,000 Unearned Rent 25,000 c. Unearned Rent 11,000 Rent Revenue 11,000 d. Rent Revenue 11,000 Unearned Rent 11,000

8. On February 1, 2021, Ace Company received $36,000 in advance for a three-year rental of land, and credited Rent Revenue. The correct December 31, 2021 adjusting entry would be a. Unearned Rent Rent Revenue b. Rent Revenue 25,000 25,000 25,000 Unearned Rent 25,000 c. Unearned Rent 11,000 Rent Revenue 11,000 d. Rent Revenue 11,000 Unearned Rent 11,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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