Sheridan Real Estate received a check for $28260 on July 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 $28260. Financial statements will be prepared on July 31. Sheridan Real Estate should make the following adjusting entry on July 31: O Debit Unearned Rent Revenue, $28260; Credit Rent Revenue, $28260. O Debit Cash, $28260; Credit Rent Revenue, $28260. O Debit Unearned Rent Revenue, $4710; Credit Rent Revenue, $4710. O Debit Rent Revenue, $4710; Credit Unearned Rent Revenue, $4710. If an adjustment is needed for unearned revenues, the liability and related revenue are overstated before adjustment. O liability and related revenue are understated before adjustment. O liability O liability is overstated and the related revenue is understated before adjustment. is understated and the related revenue is overstated before adjustment. As prepaid expenses expire with the passage of time, the correct adjusting entry will be a O debit to an expense account and a credit to an asset account. O debit to an asset account and a credit to an expense account. debit to an asset account and a credit to an asset account. debit to an expense account and a credit to an expense account. What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance before adjustment, $18520, and unexpired amounts per analysis of policies of $6050? O Debit Prepaid Insurance, $12470; Credit Insurance Expense, $12470. O Debit Insurance Expense, $6050; Credit Prepaid Insurance, $6050. O Debit Insurance Expense, $18520; Credit Prepaid Insurance, $18520. O Debit Insurance Expense, $12470; Credit Prepaid Insurance, $12470. A new accountant working for Concord Company records $1020 Dr.Depreciation Expense Cr.Cash Dr. Depreciation Expense on store equipment as follows: 1020 1020 The effect of this entry is to O understate the book value of the depreciable assets as of December 31. O adjust the accounts to their proper amounts on December 31. O understate total assets on the balance sheet as of December 31. O overstate the book value of the depreciable assets at December 31. From an accounting standpoint, the acquisition of productive facilities can be thought of as a long-term O prepayment for services O accrual of expense. O accrual of revenue. accrual of unearned revenue. The balance in the Prepaid Rent account before adjustment at the end of the year is $21600, which represents three months' rent paid on December 1. The adjusting entry required on December 31 is to O debit Rent Expense, $7200; credit Prepaid Rent, $7200. O debit Prepaid Rent, $14400; credit Rent Expense, $14400. O debit Rent Expense, $14400; credit Prepaid Rent $14400. O debit Prepaid Rent, $7200; credit Rent Expense, $7200. Question 15 The difference between the cost of a depreciable asset and its related accumulated depreciation is referred to as the O book value of the asset. O blue book value of the asset. O depreciated difference of the asset. O market value of the asset. If business pays rent in advance and debits a Prepaid Rent account, the company receiving the rent payment will credit O unearned rent revenue O rent revenue O cash. O prepaid rent