XYZ Ltd rents one office to a tenant who paid three months rent in advance on 1
Question:
XYZ Ltd rents one office to a tenant who paid three months’ rent in advance on 1 June. The firm credited unearned rental revenue to record the $6000 received. Year-end is 30 June.
1. Prepare the adjusting entry for 30 June.
2. What would be the effects on the firm’s financial statements if the adjusting entry was omitted?
3. Prepare the entry in the next period to recognise the remaining portion of the rent revenue.
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Adjusting Entry for 30 June On June 30th an adjusting entry is needed to recognize the portion of th...View the full answer
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Related Book For 
Financial Accounting An Integrated Approach
ISBN: 9780170411028
7th Edition
Authors: Ken Trotman, Elizabeth Carson
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