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Chase Company rents space to a tenant for $2,200 per month. The tenant currently owes rent for November and December. The tenant has agreed
Chase Company rents space to a tenant for $2,200 per month. The tenant currently owes rent for November and December. The tenant has agreed to pay the November, December, and January rents in full on January 15 and has agreed not to fall behind again. The adjusting entry needed on December 31 is: Multiple Choice Debit Unearned Revenue, $2,200; credit Rent Revenue, $2,200. Debit Accounts Receivable, $6,600; credit Rent Revenue, $6,600. Debit Accounts Receivable, $2,200; Rent Revenue, $2,200. Debit Unearned Revenue, $4,400; credit Rent Revenue, $4,400. Debit Accounts Receivable, $4,400; Rent Revenue, $4,400.
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