StAugustine Properties Collected Advance Rentals of $360,000 from Its Customers

question 81

Multiple Choice

St.Augustine Properties collected advance rentals of $360,000 from its customers during the year.The balance in the unearned rent revenue account increased from $15,000 on January 1 to $35,000 on December 31.Rents earned during the year totaled ________.

• A)$375,000
• B)$380,000
• C)$340,000
• D)$395,000

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Definitions:

Land Registration

The process of recording the ownership, possession, and other rights of land into an official register to ensure legal certainty and protect property rights.

Intangible

Something that cannot be touched or physically measured, such as intellectual property or goodwill.

Joint Tenants

A form of co-ownership where parties own property in equal shares and have the right of survivorship, meaning if one owner dies, the property automatically passes to the surviving owner(s).

Tenants in Common

A form of co-ownership where each owner holds an individual, undivided ownership interest in the property, which can be passed to their heirs.