On February 1, 2014, Apollo Company Received $24,000 in Advance

question 146

Multiple Choice

On February 1, 2014, Apollo Company received $24,000 in advance for a three-year rental of land, and credited Rent Revenue. The correct December 31, 2014 adjusting entry would be

• A) Unearned Rent 16,667
• Rent Revenue 16,667
• B) Rent Revenue 16,667
• Unearned Rent 16,667
• C) Unearned Rent 7,333
• Rent Revenue 7,333
• D) Rent Revenue 7,333
• Unearned Rent 7,333

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Definitions:

Completion

The act of finishing or bringing something to an end or final stage, achieving all its required or planned elements.

Empowerment

The process of becoming stronger and more confident, especially in controlling one's life and claiming one's rights.

Empowering

The act of giving someone the authority or confidence to do something, fostering independence and self-determination.

Suggestion Involvement

The act of making proposals or recommendations as a part of the engagement in a process or discussion.