Multiple choice: 1. If, as of December 31, the rent of P5,500 for December had not been recorded or paid, the adjusting entry would include A. A Credit to Accumulated Rent for P5,500. B. A Debit to Rent Payable for P5,500. C. A Debit to Rent Expense for P5,500. D. A Credit to Cash for P5,500. 2.A written promise for future collections of cash is a: A. note receivable B. account receivable C. prepaid asset D. owner withdrawal
Multiple choice: 1. If, as of December 31, the rent of P5,500 for December had not been recorded or paid, the adjusting entry would include A. A Credit to Accumulated Rent for P5,500. B. A Debit to Rent Payable for P5,500. C. A Debit to Rent Expense for P5,500. D. A Credit to Cash for P5,500. 2.A written promise for future collections of cash is a: A. note receivable B. account receivable C. prepaid asset D. owner withdrawal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Multiple choice:
1. If, as of December 31, the rent of P5,500 for December had not been recorded or paid, the adjusting entry would include
A. A Credit to Accumulated Rent for P5,500.
B. A Debit to Rent Payable for P5,500.
C. A Debit to Rent Expense for P5,500.
D. A Credit to Cash for P5,500.
2.A written promise for future collections of cash is a:
A. note receivable
B. account receivable
C. prepaid asset
D. owner withdrawal
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