Rent of $4,000 Collected in Advance Was Recorded as Unearned

question 51

True/False

Rent of $4,000 collected in advance was recorded as unearned rent revenue.At the end of the accounting period,half the rent was earned.The related adjusting entry should be a credit to rent revenue for $2,000 and a debit to unearned rent revenue for $2,000.

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Definitions:

Prior Publication

Prior Publication refers to work that has been previously published or made publicly available before the submission of a current work, often affecting the novelty or copyright eligibility of the latter.

Branzburg v. Hayes

A Supreme Court case that held reporters do not have a First Amendment privilege to refuse to provide evidence to grand juries.

Fighting Words

Phrases or expressions that by their utterance can inflict injury or incite an immediate breach of peace.

Essential Exposition

A fundamental or vital explanation, demonstration, or exhibition of an idea, theory, or concept.