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external reporting

Navas 27 April 2020 at 13:30 PM

An adjusting entry that records the earned portion of unearned revenue previously recorded always includes a
A) Debit to an account in the owners' equity category.
B) Credit to an account in the asset category.
C) Credit to an account in the owners' equity category.
D) Debit to an account in the asset category.

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FACULTY 18 May 2020 at 06:30 PM

Option C

Asset Debit Cash  $                                   1,000
Liability Credit unearned rental  $                                        1,000
Liability Debit unearned rental  $                                   1,000
Equity Credit Rental Revenue  $                                        1,000

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