ABC Coleased a Portion of Its Store to Another Company for for Eight

question 149

Multiple Choice

ABC Co.leased a portion of its store to another company for eight months beginning on October 1,2014,at a monthly rate of $800.This other company paid the entire $6,400 cash on October 1,which ABC Co.recorded as unearned revenue.The journal entry made by ABC Co.at year-end on December 31,2014,would include:

• A) A debit to Rent Earned for $2,400.
• B) A credit to Unearned Rent for $2,400.
• C) A debit to Cash for $6,400.
• D) A credit to Rent Earned for $2,400.
• E) A debit to Unearned Rent for $4,000.

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