Multiple Choice
ABC Rentals collects rent from several properties. Prior to recording adjusting entries, assume the rent income account has a credit balance of $4 000. Two adjustments are to be made at the end of the financial year:
(1) an accrual for accrued rent income of $800; and
(2) the unearned rent income account is to be decreased by $200.
After processing these adjusting entries the amount of rent income to be shown in the income statement is:
A) $5 000.
B) $4 600.
C) $3 400.
D) $3 000.
Correct Answer:
Verified
Correct Answer:
Verified
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