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:

Prices Received

The amount of money sellers actually receive for the goods or services they sell, after discounts, allowances, and deductions.

Prices Paid

The amount of money spent by purchasers to acquire goods and services.

U.S. Farm Policies

Government actions, typically involving subsidies, regulations, and support programs, aimed at supporting the agricultural sector and influencing farming practices and markets in the United States.

Agricultural Adjustment Act

A United States federal law of the New Deal era designed to boost agricultural prices by reducing surpluses.