How to journal entry: The rental agreement for the location was renewed, signed and paid on August 1, 2022. They received a substantial reduction in rent by paying for two years of rent at once, total payment was $60,000. The two year rental agreement runs from August 1, 2022 to July 31, 2024.

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To record the journal entry for the rental agreement renewal with a substantial reduction in rent fo... View the full answer