Birch Limited received cash of $24,000 on November 1 as prepayment for 12 months' rent. The accountant recorded the cash receipt as a debit to cash and a credit to Rent Revenue. What is the year-end adjusting entry on December 31, assuming adjusting entries are prepared annually?

Answer rating: 100% (QA)

The adjusting entry on December 31 to recognize the portion of the prepaid re... View the full answer