ABC Collects Rents from Several Properties

question 33

Multiple Choice

ABC collects rents from several properties.Prior to recording adjusting entries,assume the Rent Income account has a credit balance of $8000.Two adjustments are to be made at the end of the financial year 1) an accrual for accrued rent income of $600 2) the Unearned Rent Income account is to be decreased by $200.After processing these adjusting entries the amount of Rent Income to be shown in the income statement is:

• A)$8800
• B)$8400
• C)$7600
• D)$7200

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