Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. garcia corporation received cash of $18,000 on aug

Garcia Corporation received cash of $18,000 on August 1, 2022 for one year's rent in...

70.2K

Verified Solution

Question

Accounting

Garcia Corporation received cash of $18,000 on August 1, 2022 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 2022 adjusting entry is

Group of answer choices

debit Rent Revenue and credit Unearned Rent, $7,500.

debit Rent Revenue and credit Unearned Rent, $10,500.

debit Unearned Rent and credit Rent Revenue, $7,500.

debit Cash and credit Unearned Rent, $10,500.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

Calculate the test statistic, x^(2), for a chi-squared test for association using the following table. The following...

Statistics
1.2K views

Gender Mean S.D. Min Q1 Median Q3 Max Female 23.76 47.47 0 2 5 21 256 Male 14.23 21.16 0 1 5 15 84 Male sample size: 30 Female sample size: 62 Use the following data a) Which measure, the mean or...

Biology
1.2K views

What did the leaders of a political machine control?The courtThe CongressMunicipal jobsThe White House

Basic Math
1.2K views

Find the percentage of area under a normal curve between the mean and the given...

Basic Math
1.2K views

How many different ways could three distinct days of the week be chosen so that...

Calculus
1.2K views

TT 29 The period of the graph of y cos x 7 is A B...

Accounting
1.2K views

The 2018 income statement of Adrian Express reports sales of $22,310,000, cost of...

Accounting
1.2K views

Complete this question by entering your answers in the tabs below. Prepare a multiple-step income...

Accounting
1.2K views

When creating the operating section of the cash flow statement using the indirect method are...

Accounting
1.2K views

Multiple Choice Question 164 Blue Spruce Corp. issues 810, 10-year, 8%, $1000 bonds dated January...

Accounting
1.2K views

Can someone please help me with 1.6 and 1.7 I don't know the formulas ...

Accounting
1.2K views

\table[[,Work in Process-Painting],[51,Balance,3,790,531,Completed and transferred out ?],[531,Direct materials,6,160,,],[531,Directlabor,4,068,,],[531,Manufacturing overhead,2,280,,],[531,Balance,?,,]] Production records show that...