1-On September 1, your calendar year company rents a machine to another firm for $24,000 a year....

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1-On September 1, your calendar year company rents a machine to another firm for $24,000 a year. As of December 31, $15,000 has been received and recorded in Unearned Rent Revenue. If your company uses the accrual basis, what adjusting entry do you record at year end?

debit Unearned Rent Revenuefor $7,000; creditRent Revenue for$7,000

debit Rent Revenue for$7,000; creditUnearned Rent Revenue for$7,000

debit Rent Revenue for$8,000; creditUnearned Rent Revenue for $8,000

debit Unearned Rent Revenue for$8,000; creditRent Revenue for$8,000

debit Rent Revenue for $9,000; credit Unearned Rent Revenue for $9,000

debit Unearned Rent Revenue for $9,000; credit Rent Revenue for $9,000

Posted Date: Jun 21, 2024 11:14 PM

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1-On September 1, your calendar year company rents a machine to another firm for $24,000 a year....

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