A Journal Entry to Record a Receipt of Rent in Advance

question 118

Multiple Choice

A journal entry to record a receipt of rent in advance will include a

• A) debit to Rent Revenue.
• B) credit to Rent Revenue.
• C) credit to Cash.
• D) credit to Unearned Revenue.

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Definitions:

Fire Loss

Financial damage or asset destruction resulting from a fire, often requiring assessment for insurance and recovery purposes.

Prior Period Adjustment

Corrections made to a company's financial statements for errors or omissions found in previously reported periods.

Treasury Stock Transactions

Activities involving the buyback or resale of a company's own stock, affecting the equity section of a company's balance sheet but not its issued stock number.