Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A person 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 person 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:

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advances In Quantitative Analysis Of Finance And Accounting (Vol. 5)

Authors: Lee Cheng Few

1st Edition

9812706283, 9789812706287

More Books

Students also viewed these Accounting questions

Question

=+9. Think about a campaign direction.

Answered: 1 week ago

Question

=+Who is the audience?

Answered: 1 week ago