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    Financial Accounting Study Set 30
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    Exam 4: Adjustments, Financial Statements, and Financial Results
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    Rent of $150 Collected in Advance Was Credited to Rent
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Rent of $150 Collected in Advance Was Credited to Rent

Question 84

Question 84

True/False

Rent of $150 collected in advance was credited to rent revenue. At the end of the accounting period, it was still unearned. The related adjusting entry should be: Debit-- Rent revenue, $150; Credit--Unearned rent revenue, $150.

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