Question
A landlord received advance rent payment for the 2021 calendar year on December 31, 2020, and recorded the following entry on 12/31/20: DR Cash 24,000
A landlord received advance rent payment for the 2021 calendar year on December 31, 2020, and recorded the following entry on 12/31/20:
DR Cash 24,000
CR Rent Revenue 24,000
If no adjusting entry is made in 2020, and the error is detected in 2021, prepare the journal entry to correct the error assuming the books have been closed for 2020:
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Study Guide And Working Papers For Advanced Accounting
Authors: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik, Sharon O'reilly
10th Edition
0077268040, 9780077268046
