Rent collected in advance is:
A. An asset account in the balance sheet.
B. A liability account in the balance sheet.
C. A shareholders' equity account in the balance sheet.
D. A temporary account, not in the balance sheet at all.
Answer:B
Rent collected in advance is:
A. An asset account in the balance sheet. B. A liability account in the balance sheet. C. A shareholders' equity account in the balance sheet. D. A temporary account, not in the balance sheet at all.