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Which a journal entry to record a receipt of rent revenue

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Reference no: EM132739303

Problem 1: A journal entry to record a receipt of rent revenue in advance will include

a. Debit to rent revenue

b. Credit to Cash

c. Credit to rent revenue

d. Credit to unearned rent

Problem 2: During 2020, Gibson Company's assets decreased by P50,000 and its liabilities decreased by P90,000. Its owner's equity, therefore

a. Increased P40,000

b. Decreased P140,000

c. Decreased P40,000

d. Increased P140,000

Reference no: EM132739303

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