Business, 03.02.2022 06:20 getzperez1962
REM Real Estate received a check for $27,000 on July 1 which represented a six-month advance payment on a building it rents to a client. Unearned Rent Revenue was credited for the full $27,000. Financial statements will be prepared on July 31. REM Real Estate should make the following adjusting entry on July 31:
A. Debit Unearned Rent Revenue, $4500; Credit Rent Revenue, $4500.
B. Debit Unearned Rent Revenue, $27000; Credit Rent Revenue, $24000.
C. Debit Cash, $27000; Credit Rent Revenue, $27000.
D. Debit Rent Revenue, $4500; Credit Unearned Rent Revenue, $4500.
Answers: 1
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REM Real Estate received a check for $27,000 on July 1 which represented a six-month advance payment...
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