Mullins Real Estate Received a Check for $30000 on July

question 138

Multiple Choice

Mullins Real Estate received a check for $30000 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $30000. Financial statements will be prepared on July 31. Mullins Real Estate should make the following adjusting entry on July 31:

• A) Debit Unearned Rent Revenue $5000; Credit Rent Revenue $5000.
• B) Debit Rent Revenue $5000; Credit Unearned Rent Revenue $5000.
• C) Debit Unearned Rent Revenue $30000; Credit Rent Revenue $30000.
• D) Debit Cash $30000; Credit Rent Revenue $30000.

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Definitions:

Bayley Scales

A series of standardized tests used primarily to assess the motor (fine and gross), cognitive, and language development of infants and toddlers, ranging from birth to 3 years old.

Infant Development

The physical, cognitive, and emotional growth that occurs in human babies from birth to the end of their second year.

Bayley-III

Stands for the third edition of the Bayley Scales of Infant and Toddler Development, a tool to assess developmental progress in children up to 42 months.

Language

A system of symbols, sounds, and rules used for communication among individuals.