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1. A company failed to record the adjusting journal entry for rent received in advance that was earned during the period. What is the effect

1. A company failed to record the adjusting journal entry for rent received in advance that was earned during the period. What is the effect on TR, TE, NI, TA, TL and TOE?

2. Cash Received for rent = $20,000

Cash paid for rent = $14,000

Prepaid rent decrease = $600

Rent receivable increase = $370

Unearned rent increase = $650

What is accrual basis rent revenue?

What is accrual basis rent expense?

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