Question
Perez Corporation received cash of $12,000 on August 1, 2010 for one year's rent in advance and recorded the transaction with a credit to Rent
Perez Corporation received cash of $12,000 on August 1, 2010 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 2010 adjusting entry is
a) debit Unearned Rent and credit Rent Revenue, $5,000.
b) debit Rent Revenue and credit Unearned Rent, $5,000.
c) debit Cash and credit Unearned Rent, $7,000.
d) debit Rent Revenue and credit Unearned Rent, $7,000.
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Financial Accounting Theory
Authors: Craig Deegan
2nd Edition
0077126734, 978-0077126735
