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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Abusive Partner

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