(solution) On August 1, Ross Company received $27,600 for six months of rent

(solution) On August 1, Ross Company received $27,600 for six months of rent

On August 1, Ross Company received $27,600 for six months of rent in advance. On August 1, Ross Company credited Rent Revenue, which is an alternate way of recording the initial receipt of cash.

journalize the adjusting entry on December 31

.

Date                    Account             Title             Debit                Credit 

Dec. 31 (Choose one)Accounts ReceivableAdvertising ExpenseAdvertising RevenueInsurance ExpenseInsurance RevenueInterest ExpenseInterest PayableInterest ReceivableInterest RevenuePrepaid AdvertisingPrepaid InsurancePrepaid RentRent ExpenseRent RevenueSalaries ExpenseSalaries PayableService RevenueSupplies ExpenseSuppliesTaxes ExpenseTaxes PayableUnearned AdvertisingUnearned InsuranceUnearned Rent RevenueUtilities ExpenseUtilities Payable

(Choose one)Accounts ReceivableAdvertising ExpenseAdvertising RevenueInsurance ExpenseInsurance RevenueInterest ExpenseInterest PayableInterest ReceivableInterest RevenuePrepaid AdvertisingPrepaid InsurancePrepaid RentRent ExpenseRent RevenueSalaries ExpenseSalaries PayableService RevenueSupplies ExpenseSuppliesTaxes ExpenseTaxes PayableUnearned AdvertisingUnearned InsuranceUnearned Rent RevenueUtilities ExpenseUtilities Payable

(Choose one)Accounts ReceivableAdvertising ExpenseAdvertising RevenueInsurance ExpenseInsurance RevenueInterest ExpenseInterest PayableInterest ReceivableInterest RevenuePrepaid AdvertisingPrepaid InsurancePrepaid RentRent ExpenseRent RevenueSalaries ExpenseSalaries PayableService RevenueSupplies ExpenseSuppliesTaxes ExpenseTaxes PayableUnearned AdvertisingUnearned InsuranceUnearned Rent RevenueUtilities ExpenseUtilities Payable

(Choose one)Accounts ReceivableAdvertising ExpenseAdvertising RevenueInsurance ExpenseInsurance RevenueInterest ExpenseInterest PayableInterest ReceivableInterest RevenuePrepaid AdvertisingPrepaid InsurancePrepaid RentRent ExpenseRent RevenueSalaries ExpenseSalaries PayableService RevenueSupplies ExpenseSuppliesTaxes ExpenseTaxes PayableUnearned AdvertisingUnearned InsuranceUnearned Rent RevenueUtilities ExpenseUtilities Payable

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