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katovenus [111]
3 years ago
10

Rent collected in advance is: Multiple Choice A shareholders' equity account in the balance sheet. A temporary account, not in t

he balance sheet at all. An asset account in the balance sheet. A liability account in the balance sheet.
Business
1 answer:
gulaghasi [49]3 years ago
3 0

Answer:

A liability account in the balance sheet.

Explanation:

When rent is collected in advance, the entries required to be recognized at the point of collection is as follows;

Debit Cash account

Credit Unearned/Deferred rental revenue

The cash account is an asset while the Unearned/Deferred rental revenue is a liability account.

As such, the collection of rent in advance is A liability account in the balance sheet.

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Answer:

Option (D) is correct.

Explanation:

Given that,

Current market price = $7.50

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Mrs. Smith should shut down its production in the short run as well as in the long run until the point where current market price is greater than or equal to average variable cost.

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2 years ago
Chuy wants to buy a new television. The television costs $1,350. Chuy decides to save the same amount of money each
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Answer:

The correct answer is the last statement.

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