If a business pays rent in advance and debits a Prepaid Rent account, the company receiving the rent payment will credit
(A) Prepaid Rent.
(B) Rent Revenue.
(C) Unearned Rent Revenue.
(D) Cash.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If a business pays rent in advance and debits a Prepaid Rent account, the company receiving the rent payment will credit (A) Prepaid Rent. ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
On March 1, 2020, Pronghorn Company sold goods to Goosen Inc. for $600,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $923,174 (an inputed rate of 9%). The goods have an inventory cost on Pronghorn's books of $368,000.
Answers (1)
Bellingham Inc had the following activity last year: Sales $300,000; Cost of goods sold $170,000; Depreciation expense $25,000; other selling and administrative expenses $95,000; income tax expense $3,000.
Answers (1)
A firm is a competitive seller of output at amarket price of $3. The only resource itrequires to create its product is labor, which itpurchases competitively at a wage rate of $6per hour.
Answers (1)
Tara wants to minimize her need for student loans. Identify three factors Tara should consider to minimize her student loans, but still obtain a college degree.
Answers (1)
Coffman Company sold bonds with a face value of $1,000,000 for $940,000. The bonds have a coupon rate of 10 percent, mature in 10 years, and pay interest semiannually every June 30 and December 31.
Answers (1)
New Questions in Business
Packer Co.'s year 5 income statement reported $130,000 in income before provisions for income taxes. To compute the provision for federal income taxes, the following year 5 data are provided: Rent received in advance $22,000 Income from exempt
Answers (1)
What is accounting theory
Answers (1)
Most companies receiving a claim message tend to a. ignore the first phone call, e-mail, or letter. b. respond only to letters containing complaints that could result in lawsuits or financial harm. c.
Answers (1)
The demand curve of a monopolistically competitive firm A. is perfectly elastic. B. is horizontal because the firm must cut its price to sell more. C. is downwardminus-sloping because it sells an identical product. D.
Answers (1)
Scott Company had sales of $12,050,000 and related cost of goods sold of $7,100,000 for the year ending December 31, 20Y8. Scott provides customers a refund for any returned or damaged merchandise.
Answers (1)