On January 1, 2018, Wellburn Corporation leased an asset from Tabitha Company. The asset originally cost Tabitha $450,000. The lease agreement is an operating lease that calls for four annual payments beginning on January 1, 2018, in the amount of $33,000. The other three remaining payments will be made on January 1 of each subsequent year. Which of the following journal entries should Tabitha record on January 1, 2018?

Multiple Choice

a

Cash	33,000
Lease receivable		33,000

b

Cash	33,000
Rent expense		33,000

 c     

Cash	33,000
Deferred rent revenue		33,000

d

Cash	33,000
Rent revenue		33,000

Answer rating: 100% (QA)

Answer Cash 3... View the full answer