Lang Leased a Portion of Its Store to Pang for 12

question 47

Multiple Choice

Lang leased a portion of its store to Pang for 12 months beginning on November 1, at a monthly rate of $400. Pang paid the entire $4,800 on November 1, which Lang recorded as unearned revenue. The journal entry made by Lang at year-end, December 31, would include

• A) A debit to Rent Earned for $400
• B) A credit to Unearned Rent for $400
• C) A debit to Cash for $800
• D) A credit to Rent Earned for $800
• E) A debit to Unearned Rent for $4,800

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Definitions:

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The responsibility of government officials and entities to be answerable for fiscal and social decisions, ensuring transparency and good governance.

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