The Owner of an Office Building Should Report Rent Collected

question 130

Multiple Choice

The owner of an office building should report rent collected in advance as a debit to Cash and a credit to:

• A)A liability.
• B)An asset other than Cash.
• C)A revenue.
• D)An owners' equity.

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Definitions:

Respiration

Respiration is the process by which living organisms take in oxygen and release carbon dioxide, involving the exchange of gases as a part of metabolism.

Zen Meditation

A form of meditation originating in Buddhism that emphasizes sitting in reflective mindfulness to gain insight into the nature of existence and personal enlightenment.

Mindfulness

A mental practice focusing on being intensely aware of what you're sensing and feeling in the moment, without interpretation or judgment.

Full Spectrum Awareness

Understanding and being mindful of a wide range of factors, perspectives, and influences in any situation or environment.