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Exercise 29 On January 2, an enterprise receives 24.000 from a tenant as a rent for the current calendar year. The fiscal year of the
Exercise 29 On January 2, an enterprise receives 24.000 from a tenant as a rent for the current calendar year. The fiscal year of the enterprise is form April 1 to March 31. (a) Will the enterprise's adjusting entry for the rent as of March 31 of the current year be a deferral or accrual? (b) Which of the following types of accounts will be affected by the adjusting entry as of March 31: (1) assets, (2) liability, (3) revenue, (4) expense? (c) How much of the 24.000 rent should be allocated to the current fiscal year ending March 31
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