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B. Deferred revenues-rent On September 1, year 1. Noreen Ltd. collected $89,100 in cash from its tenant as an advance rent payment on its store
B. Deferred revenues-rent On September 1, year 1. Noreen Ltd. collected $89,100 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on February 28, year 2, at which time the lease contract may be renewed. Noreen's fiscal year ends on December 31 . Required: 1. Prepare journal entries to record the collection of rent on September 1, year 1 , and the related adjustment for the amount of rent eamed during year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet B. Deferred revenues-rent On September 1, year 1, Noreen Ltd. collected $89,100 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on February 28, year 2, at which time the lease contract may be renewed. Noreen's fiscal year ends on December 31. Required: 1. Prepare journal entries to record the collection of rent on September 1 y year 1 , and the related adjustment for the amount of rent earned during year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record entry to recognize rent revenue for the year. Note: Enter debits before credits
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