XYZ Receives $1000 in June for Rent from a Client

question 7

Multiple Choice

XYZ receives $1000 in June for rent from a client for the month of July. How should this be recorded by XYZ assuming a balance date of 30 June?

• A) Debit cash $1000 and credit accounts receivable $1000
• B) Debit cash $1000 and credit unearned revenue $1000
• C) Debit unearned revenue $1000 and credit cash $1000
• D) Debit cash $1000 and credit prepaid rent $1000

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Definitions:

Unlikely

Having a low probability of occurring; not likely to happen.

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The degree to which an individual's attitudes, opinions, and beliefs remain consistent over time, despite external factors or influences.

Environment

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Attitudes

Psychological tendencies expressed by evaluating a particular entity with some degree of favor or disfavor.