The Adjusting Entry for Rent Earned That Was Previously Recorded

question 170

Multiple Choice

The adjusting entry for rent earned that was previously recorded in the unearned rent account is

• A) debit Unearned Rent; credit Rent Revenue
• B) debit Rent Revenue; credit Unearned Rent
• C) debit Unearned Rent; credit Prepaid Rent
• D) debit Rent Expense; credit Unearned Rent

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Definitions:

Consumer Price Index

An index that measures the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, indicating the level of inflation or deflation in an economy.

Specific Set

A clearly defined and identified collection of elements or members.

General Price

The standard or average cost of goods or services available in the market to all consumers.

Electronic Goods

Products that use electric power for their operation, including consumer electronics like phones, TVs, and computers.