Question: On August 1, 2024, Winter Storage collected $39,000 in advance rent from another company that is renting a portion of Winter Storages building. The $39,000

On August 1, 2024, Winter Storage collected $39,000 in advance rent from another company that is renting a portion of Winter Storage’s building. The $39,000 represents one year’s rent, and the entire amount was credited to Deferred Revenue.

Prepare the necessary adjusting entries on December 31, 2024.

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