What responsibilities do you think people have as citizens in our global economy
1 answer:
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Answer:
Correct option is D.
Unearned Rent Revenue Dr. $16,000
Rent Revenue $16,000
Explanation:
Provided that rent is received for a period of 1 year that is 12 months on May 1, 2010 amounting $24,000
Thus rent per month = $24,000/12 = $2,000 per month
Provided financial year = Calendar year
thus for the year 2010 rent revenue = 1 May to 31 December = $2,000 8 = $16,000
Since revenue = $16,000 for the year and initially was recorded as unearned rent thus for the year $16,000 should be transferred to rent revenue.
For this entry shall be:
Unearned Rent Revenue Dr. $16,000
To Rent Revenue $16,000
Correct option is D.
Answer:
Note: The full question is attached as picture below
(a) (b) (c)
In Larger
Balance Difference column
1. No $725 Debit
2. Yes NA NA
3. Yes NA NA
4. No $225 Credit
5. Yes $684 NA
6. No $45 Credit
