At the end of the year, the balance in the "Prepaid Rent" account before adjustments, is $9,000 and represents three months rent starting on November 1. The adjusting entry required on December 31, assuming adjusting entries have not previously been made, is Select one: O a. debit Rent Expense, $9,000; credit Prepaid Rent $9,000. o b. debit Prepaid Rent, $6000, credit Rent Expense, $6,000. O c. debit Prepaid Rent, $3,000 credit Rent Expense $3,000. O d. debit Rent Expense, $6,000; credit Prepaid Rent $6,000. Brittney Realty received a cheque for $21,000 on July 1, which represents a 8-month advance payment of rent on a building it rents to a client. Unearned Revenue was credited for the full $21,000. Financial statements will be prepared on July 31. Brittney Realty should make the following adjusting entry on July 31: Select one: O a. debit Cash, $3,500; credit Rent Revenue, $3,500. O b. debit Unearned Revenue, $3,500; credit Rent Revenue, $3,500, Oc debit Uneamed Revenue, $21,000 credit Rent Revenue, $21,000. O d. debit Rent Revenue, $3,500; credit Unearned Revenue, $3,500. Blat Blot Ltd. purchases 1 share of Banana Co. for $200 on February 20th, Year 2. As at December 31, Year 2, that share of Banana Co. is now valued at $300. On January 15th, Year 3, Blat Blot Ltd. sells the Banana Co. share for $420. Blat Blot Ltd.'s year end is December 31. The company uses the fair value through profit or loss method to account for this investment. The January 15th, Year 3 journal entry would include the following: Select one: O a. A credit to unrealized gains for $120 Ob. A credit to realized gains for $220 Oc. A credit to unrealized gains for $100 O d. A credit to realized gains for $120 PerfectVision Inc. reported beginning inventory of $20,000. During the year, purchases were made for $140,000; purchase returns for $4,000; and freight in of $10,000. A physical at the end of the period of inventory revealed that $30,000 was still on hand. The cost of goods available for sale was: Select one: O a $196,000 O b. $166,000 Oc. $156,000 O d. $164,000 Genius Co, which uses a weighted average perpetual inventory system, had the following inventory on hand as at Jan 4th year 1: Purchase Date Units Cost Total Jan 1, Year 1 10 $40 $400 Jan 3, Year 1 15 $50 $750 If Genius Co. sold 12 units on Jan 4th year 1 for $80 per unit, what is the gross profit they would report? Select one: O a $460 Ob $960 Oc. $500 od $408