On June 1, 2010, Whipple Corporation Received $2, 520 in Advance

question 54

Multiple Choice

On June 1, 2010, Whipple Corporation received $2, 520 in advance for a two-year rental of some land and properly credited Unearned Rent.In the adjusting entry at December 31, 2010, there would be a

• A)debit to Unearned Rent for $630
• B)credit to Rent Revenue for $735
• C)credit to Unearned Rent for $735
• D)debit to Unearned Rent for $2, 520

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Definitions:

Venture Capitalists

Investors who provide capital to start-ups and early-stage companies with potential for high growth, typically in exchange for equity.

Startup

An entrepreneurial venture typically in the early stages of operations, often innovation-driven and aiming to meet a marketplace need by developing a viable business model around a product, service, process, or platform.

Lemon

In economic terms, refers to a product, especially a used car, that is found to be defective only after it has been bought.

Apprenticeship

A system of training a new generation of practitioners of a trade or profession with on-the-job training and often some accompanying study (classroom work and reading).