34. Zanzibar Realty received a cheque for $18,000 on August 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 $18,000. Financial statements will be prepared on November 30 Zanzibar should make the following adjusting entry on November 30: a. debit Unearned Rent Revenue, $12,000; credit Rent Revenue, S12,000 b. debit Rent Revenue, $12,000; credit Unearned Rent Revenue, $12,000. c. debit Rent Revenue, $6,000; credit Unearned Rent Revenue, $18,000 d. debit Unearned Rent Revenue, $6,000; credit Rent Revenue, $6,000. Use the following information to answer questions 35, 36, and 37. Lumberton Electronics limited reported the following data: $117,000 29,750 Operating Expenses.. ..165,000 450,000 26,000 Sales Sales Discounts Sales Returms and Allowances 35. The amount of net sales to be reported on the Income Statement would be: a. $401,000 ($450,000- $26,000- $23,000) b. $427,000 C. $424,000 d. $450,000 36 Te profit margin ratio (rounded to four decimal places) would be: a. 0.2644 b. 0.2226 (S401,000- $117,000- $165,000- $29,750) $401,000 c. 0.1983 d. 0.2968 37. Gross profit would be: a. $284,000 ($401,000 $117,000) b. $303,250 c. $310,000 d. $333,000 38. A$3,400 debit to the Wages Expense account was incorrectly posted as a credit of S3,400 to the Wages Expense account. What is the effect on the trial balance and on Wages Expense? No effect on the trial balance but Wages Expense is understated by $3,400 The debit column of the trial balance is $2,200 too high and Wages Expense is overstated by $3,400 No effect on the trial balance but the Wages Expense is understated by $6,800. The debit column of the trial balance is $6,800 too low and Wages Expense is understated by $6,800. a. b. c. d