B is corrent. To determine rental revenue, prepare a T-account for rents receivable Revenue can be calculated by solving for the unknown amount in the T-account, ($800,000 + XXX - $2,210,000 - $30,000 = $1,060,000). Revenues would be equal to $2,500,000. The above analysis assumes all revenues were initially recorded as receivables.A is incorrect. To determine rental revenue, prepare a T-account for rents receivable To determine rental revenue, prepare a T-account for rents receivableRevenue can be calculated by solving for the unknown amount in the T-account, ($800,000 + XXX - $2,210,000 - $30,000 = $1,060,000). Revenues would be equal to $2,500,000. The above analysis assumes all revenues were initially recorded as receivables. C is incorrect. To determine rental revenue, prepare a T-account for rents receivable To determine rental revenue, prepare a T-account for rents receivableRevenue can be calculated by solving for the unknown amount in the T-account, ($800,000 + XXX - $2,210,000 - $30,000 = $1,060,000). Revenues would be equal to $2,500,000. The above analysis assumes all revenues were initially recorded as receivables. D is incorrect. To determine rental revenue, prepare a T-account for rents receivable To determine rental revenue, prepare a T-account for rents receivableRevenue can be calculated by solving for the unknown amount in the T-account, ($800,000 + XXX - $2,210,000 - $30,000 = $1,060,000). Revenues would be equal to $2,500,000. The above analysis assumes all revenues were initially recorded as receivables. |
