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Joe Received $5,000 in Advance for Renting Part of His

Question 5

Multiple Choice

Joe received $5,000 in advance for renting part of his building.What is the entry to record the receipt of payment?

A) Debit Cash; credit Rent Expense
B) Debit Cash; credit Prepaid Rent
C) Debit Cash; credit Unearned Rent
D) Debit Cash; credit Rental Income

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