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QUESTION 13

Choose the correct Adjusting entry to record the early collection of July/August rent from Wayward Fishers.

A. Debit to Rent Revenue $250 and Credit Unearned Rent $250

B. Debit to Rent Revenue $500 and Credit Unearned Rent $500

C. None of these are correct

D. Debit to Unearned Rent $250 and Credit to Rent Revenue $250

E. Debit to Unearned Rent $500 and Credit to Rent Revenue $500

A. Debit to Rent Revenue $250 and Credit Unearned Rent $250

B. Debit to Rent Revenue $500 and Credit Unearned Rent $500

C. None of these are correct

D. Debit to Unearned Rent $250 and Credit to Rent Revenue $250

E. Debit to Unearned Rent $500 and Credit to Rent Revenue $500

Explanation / Answer

Anewer is : C. None of these are correct

Explanation :

The entry for the above receipt shall be

Cash A/c Dr

To Unearned Rent Income ( Liability) A.c

XXX

Date Particulars Debit Credit

Cash A/c Dr

To Unearned Rent Income ( Liability) A.c

XXX

XXX

( Being early collection of July/August rent from Wayward Fishers )

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