Multiple Choice
On July 1 2014 the Indigo Ltd rented out part of its property and collected $9000 in advance for a nine-month period. The receipt was credited to a liability account. At 31 December 2014, Indigo Ltd's year-end, which of the following adjusting journal entries should be made?
A) DR Cash $6000; CR Rent income $6000
B) DR Rent income $3000; CR Unearned rent income $3000
C) DR Unearned rent income $6000; CR Rent income $6000
D) DR Rent receivable $6000; CR Rent income $6 000
Correct Answer:
Verified
Correct Answer:
Verified
Q55: The office supplies inventory account of Tan
Q56: The income statement columns on the worksheet
Q57: X Co's employees carry out work to
Q58: Deferral type adjustments occur when cash for
Q59: The period of time over which a
Q60: On 1 July 2014 Tan Traders paid
Q62: Which of these is not a name
Q63: Harry Company uses cleaning supplies on a
Q64: Profit is measured as:<br>A) income - expenses.<br>B)
Q65: Michael Myers & Co paid salaries of