On November 1, Rosewood Apartments received $4,800 from a tenant for three months’ rent. The receipt was credited to Unearned Rent Revenue. What adjusting entry is needed on December 31?
|
Unearned Rent Revenue |
3,200 |
||
|
Rent Revenue |
3,200 |
||
|
Rent Revenue |
1,600 |
||
|
Unearned Rent Revenue |
1,600 |
||
|
Unearned Rent Revenue |
1,600 |
||
|
Rent Revenue |
1,600 |
||
|
Cash |
1,600 |
||
|
Rent Revenue |
1,600 |
The following normal balances appear on the adjusted trial balance of Augusta National Company:
|
Equipment |
$90,000 |
|
Accumulated depreciation, equipment |
15,000 |
|
Depreciation expense, equipment |
5,000 |
The book value of the equipment is
a. $85,000.
b. $70,000.
c. $75,000.
d. $60,000.