Question: On December 31, 2014, Ace Management Co. prepared an adjusting entry to accrue $9,800 of earned but unrecorded rent revenue. On January 20, 2015, Ace

On December 31, 2014, Ace Management Co. prepared an adjusting entry to accrue $9,800 of earned but unrecorded rent revenue. On January 20, 2015, Ace received rent payments in the amount of $15,500. Assuming Ace uses reversing entries, prepare the 2015 entries pertaining to the rent transactions.

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