Multiple Choice
Lopez Company received $14,400 on April 1, 2014 for one year's rent in advance and recorded the transaction with a credit to a nominal account. The December 31, 2014 adjusting entry is
A) debit Rent Revenue and credit Unearned Rent Revenue, $3,600.
B) debit Rent Revenue and credit Unearned Rent Revenue, $10,800.
C) debit Unearned Rent Revenue and credit Rent Revenue, $3,600.
D) debit Unearned Rent Revenue and credit Rent Revenue, $10,800.
Correct Answer:
Verified
Correct Answer:
Verified
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