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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 unearned Rent. The December 31, 2020 adjusting entry is Multiple Choice Debit Rent Revenue and credit Unearned Rent, $3,000 None of the other alternatives are correct Debit Rent Revenue and credit Unearned Rent, $4,200 Debit Cash and credit Unearned Rent, $4,200 Debit Unearned Rent and credit Rent Revenue, $3,000

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 unearned Rent. The December 31, 2020 adjusting entry is Multiple Choice Debit Rent Revenue and credit Unearned Rent, $3,000 None of the other alternatives are correct Debit Rent Revenue and credit Unearned Rent, $4,200 Debit Cash and credit Unearned Rent, $4,200 Debit Unearned Rent and credit Rent Revenue, $3,000

FINANCIAL ACCOUNTING
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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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 unearned Rent. The December 31, 2020 adjusting entry is Multiple Choice ........ Debit Rent Revenue and credit Unearned Rent, $3,000 None of the other alternatives are correct Debit Rent Revenue and credit Unearned Rent, $4,200 Debit Cash and credit Unearned Rent, $4,200 Debit Unearned Rent and credit Rent Revenue, $3,000
Transcribed Image Text: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 unearned Rent. The December 31, 2020 adjusting entry is Multiple Choice ........ Debit Rent Revenue and credit Unearned Rent, $3,000 None of the other alternatives are correct Debit Rent Revenue and credit Unearned Rent, $4,200 Debit Cash and credit Unearned Rent, $4,200 Debit Unearned Rent and credit Rent Revenue, $3,000
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