Question

EWO Property Management leases commercial properties. A new client signs a 5-year lease and agrees to pay the first 6 months in advance. The monthly rent is $50,000.

Required:
Prepare the journal entry to record
(1) The customers’ prepayment of six months’ rent
(2) The necessary adjusting entry after one month has passed.


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  • CreatedSeptember 22, 2015
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