Unearned Rent Revenue} EWO Property Management leases commercial properties. A new client signs a five-year lease and
Question:
Unearned Rent Revenue}
EWO Property Management leases commercial properties. A new client signs a five-year lease and agrees to pay the first six months in advance. The monthly rent is \(\$ 50,000\).
\section*{Required:}
Prepare the journal entry to record (1) the customers' prepayment of six months' rent and (2) the necessary adjusting entry after one month has passed.
\section*{Cornerstone Exercise
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Related Book For 
Cornerstones Of Financial Accounting
ISBN: 9780176707125
2nd Canadian Edition
Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone
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