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ABC Rentals collects rent from several properties. Prior to recording adjusting entries, assume the rent income account has a credit balance of $4000. Two adjustments
ABC Rentals collects rent from several properties. Prior to recording adjusting entries, assume the rent income account has a credit balance of $4000. Two adjustments are to be made at the end of the financial year: (1) an accrual for accrued rent income of $800; and (2) the unearned rent income account is to be decreased by $200. After processing these adjusting entries the amount of rent income to be shown in the income statement is: Group of answer choices
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