1. A landlord collected $7,000 cash from a tenant for December 2019's rent but the contract rate set for the tenant's December rent is $10,000. Which of the following is true with respect to the landlord's financial statements at the end of year using generally accepted accounting principles? A) $8,000 would be reported on the statement of cash flows. B) $7,000 would appear on the balance sheet as rent receivable. C) $10,000 would appear on the income statement as rent revenue. D) $5,000 would appear on the balance sheet as prepaid rent