Question
Pappy Corporation received cash of $24,000 on May 1, 2018 for one years rent in advance and recorded the transaction with a credit to Unearned
- Pappy Corporation received cash of $24,000 on May 1, 2018 for one years rent in advance and recorded the transaction with a credit to Unearned Rent Revenue. The December 31, 2018 adjusting entry is:
debit Unearned Rent Revenue and credit Rent Revenue, $8,000.
debit Cash and credit Unearned Rent Revenue, $16,000.
debit Unearned Rent Revenue and credit Rent Revenue, $16,000.
debit Rent Revenue and credit Unearned Rent Revenue, $8,000.
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Management Accounting And Control Systems An Organizational And Sociological Approach
Authors: Norman B. Macintosh, Paolo Quattrone
2nd Edition
0470714476, 978-0470714478
