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Bonner Co. is a calendar-year entity that has failed to accrue its last month's rent in each of Year 4-Year 6. The amounts omitted were
Bonner Co. is a calendar-year entity that has failed to accrue its last month's rent in each of Year 4-Year 6. The amounts omitted were $5,000, $5,200, and $5,500, respectively. The rent was recorded as an expense when it was paid in next year. The correcting entry at December 31, Year 6, includes a O Debit to retained earnings for $5,200. O Credit to rent payable for $15,700. O Debit to rent expense for $5,500. O Credit to retained earnings for $10,200. 15 pts
Bonner Co. is a calendar-year entity that has failed to accrue its last month's rent in each of Year 4-Year 6. The amounts omitted were $5,000, $5,200, and $5,500, respectively. The rent was recorded as an expense when it was paid in next year. The correcting entry at December 31, Year 6, includes a O Debit to retained earnings for $5,200. O Credit to rent payable for $15,700. O Debit to rent expense for $5,500. O Credit to retained earnings for $10,200. 15 pts
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