ABC Rentals Collects Rent from Several Properties

question 49

Multiple Choice

ABC Rentals collects rent from several properties. Prior to recording adjusting entries, assume the rent income account has a credit balance of $4 000. Two adjustments are to be made at the end of the financial year:
(1) an accrual for accrued rent income of $800; and
(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) $5 000.
• B) $4 600.
• C) $3 400.
• D) $3 000.

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Definitions:

Generalized Other

A concept in sociology referring to the internalized attitude of the broader community, which individuals use as a reference in guiding their behavior and decisions.

Erving Goffman

A pivotal figure in sociology renowned for analyzing how individuals engage in identity management and social performances through interactions, emphasizing the importance of context in understanding social behavior.

Expressions Given

Expressions that are intentional and usually verbal, such as utterances.

Expressions Given Off

Non-verbal cues or behaviors that individuals unconsciously display, revealing their true feelings or intentions, despite what they may verbally express.