On June 1, 2014, Little Corporation Received $5,320 in Advance

question 47

Multiple Choice

On June 1, 2014, Little Corporation received $5,320 in advance for a two-year rental of some land and properly credited Unearned Rent. In the adjusting entry at December 31, 2014, there would be a

• A) debit to Unearned Rent for $1108
• B) credit to Rent Revenue for $1552
• C) credit to Unearned Rent for $1552
• D) debit to Unearned Rent for $5,320

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Definitions:

Performance Orientation

A focus on outcomes and results, prioritizing performance improvement and achievement of objectives.

Encourage Innovation

The act of motivating and promoting creative thinking and the development of new ideas, products, or ways of doing something.

Organizational Culture

Organizational culture consists of the values, beliefs, behaviors, and norms that characterize an organization and shape its members' actions and interactions.

Performance

The act of carrying out or accomplishing an action, task, or function, often measured against pre-determined standards or objectives.