The Adjusting Entry for Rent Earned That Is Currently Recorded

question 103

Multiple Choice

The adjusting entry for rent earned that is currently 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:

Organizational Buyers

Businesses, governments, or institutions that purchase goods or services for use in the production of other goods and services, for resale, or for the organization’s operations.

Reseller Market

A market wherein goods or services are purchased for the purpose of resale rather than personal use.

Government Market

A market segment where the main customer is any government entity, purchasing products or services for public service.

Organizational Buyer

An organization that purchases goods or services for its own use or for further production, including companies, governments, and institutions, not individual consumers.