Tate Corporation received cash of $72,000 on September 1, 2022 for one years rent in advance and
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Question:
Tate Corporation received cash of $72,000 on September 1, 2022 for one year’s rent in advance and recorded the transaction with a credit to Unearned Rent Revenue. The December 31, 2022 adjusting entry is
Group of answer choices
Debit Rent Revenue and credit Unearned Rent Revenue, $48,000
Debit Unearned Rent Revenue and credit Rent Revenue, $24,000
Debit Rent Revenue and credit Unearned Rent Revenue, $24,000
Debit Cash and credit Unearned Rent Revenue, $48,000
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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