b. On the last day of 2020, Midwest Importers received a $85,000 prepayment from a tenant for 2021 rent of a building. Midwest recorded the receipt as rent revenue. The error was discovered midway through 2021.

What is the record correction of rent received in advance?

What I have here is correct, I am missing the values, thank you.

Record correction of rent received in advance.Note: Enter debits before credits.

Transaction General Journal

b

Retained earnings debit 85,000

Rent revenue ?

Deferred rent revenue ?