On July 1, Madrid Corporation received $7,200 from New Iberia Company for six months rent on a factory building and recorded it as a revenue. What adjusting entry will Madrid make on August 31?
A)
Prepaid Rent
4,800
Rent Revenue
4,800
B)
Rent Revenue
4,800
Unearned Rent
4,800
C)
Unearned Rent
2,400
Rent Revenue
2,400
D)
Rent Revenue
2,400
Unearned Rent
2,400
Answer: B
Business
You might also like to view...
Which of the following wire services does NOT guarantee use of your materials?
A) Internet Wire B) The Associated Press C) Business Wire D) PR Newswire
Business
Financial incentives, recognition, and praise are examples of ________
A) negative reinforcement B) positive reinforcement C) intrinsic motivation D) empowerment
Business