ABC Co. rents their unused office space to another company. The monthly rent is $700 and is due on the 1st of each month. September 1st 2021 they received a check from the tenant for $8,400 which was for rent from September 1st 2021 - August 31st 2022 (One year worth of rent) When they received the money it was recorded as a liability. Prepare the year end (December 31st 2021) adjusting entry needed to account for this deferred revenue.

General Journal Date P.R. Debit Credit