Question: On September I it rented storage space to a lessee
On September I, it rented storage space to a lessee (tenant) for six months for a total cash payment of $ l2,000 received in advance. Prepare two sets of journal entries for Store-it Here, with each set of journal entries recording the September 1 journal entry and the December 31 adjusting entry. Treat the receipt of cash as a liability in the first set of journal entries, and treat the receipt of cash as a revenue in the second set of journal entries.
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