Introduction to Business
Introduction to Business
OER 2018 Edition
ISBN: 9781947172548
Author: OpenStax
Publisher: OpenStax College
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Chapter 16.2, Problem 3CC

Describe a firm's main motives in making capital expenditures.

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Swifty Corporation received a check for $18240 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $18240. Financial statements will be prepared on July 31. Swifty should make the following adjusting entry on July 31: debit Unearned Rent Revenue, $18240; credit Rent Revenue, $18240. debit Cash, $18240; credit Rent Revenue, $18240. debit Rent Revenue, $3040; credit Unearned Rent Revenue, $3040. debit Unearned Rent Revenue, $3040; credit Rent Revenue, $3040.
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Introduction to Business

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