Multiple Choice
On 1 August 2013, Xcel Auto Repair paid $6 000 in advance for six months' rent. Xcel makes proper adjusting entries at the end of every month. What is the balance of Prepaid rent on 31 December 2013?
A) $2 000
B) $4 000
C) $1 000
D) $6 000
Correct Answer:
Verified
Correct Answer:
Verified
Q20: Smith owns manufacturing equipment that originally cost
Q21: Hank's Tax Planning Service started business in
Q23: The entry to record depreciation includes a
Q24: At 1 January, Smith has a beginning
Q25: Unearned revenue is revenue that:<br>A)has been collected
Q27: Which of the following lists a company's
Q29: Classic Artists' Services has hired a maintenance
Q31: The accountant for Barnes Architectural Services failed
Q33: Accrual accounting requires adjusting entries at regular
Q37: The financial statements should be prepared in