Multiple Choice
On November 1, 2017, the Baumol Real Estate Corp. received $4,000 from a tenant, representing rent for November and December 2017, as well as January and February of 2018, and recorded the transaction with a journal entry to cash and to unearned revenue. Assuming there were no other journals made, Baumol should record which of the following on December 31, 2017?
A) Debit unearned revenue, and credit rent revenue, for $4,000.
B) Debit unearned revenue, and credit rent revenue, for $2,000
C) Debit unearned revenue, and credit cash, for $2,000
D) Debit revenue, and credit unearned revenue, for $4,000
E) Half the rent received has been earned
Correct Answer:
Verified
Correct Answer:
Verified
Q1: All of the following accounts increase with
Q2: What business event is represented by a
Q3: What business event would be represented by
Q4: Which of the following bookkeeping errors will
Q6: Allay Company purchased $6,500 of merchandise inventory
Q7: All of the following accounts increase with
Q8: In the year-end closing process, which account
Q9: A company has recorded $38,000 in debits
Q10: In a typical accounting cycle, which of
Q11: A company has recorded $25,000 in debits