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Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During the year, Greensboro Properties engaged in the
Greensboro Properties Inc. owns a building in which it leases office space to small businesses and professionals. During the year, Greensboro Properties engaged in the following transactions:
On March Greensboro Properties paid $ in advance to Patterson Insurance Company for year of insurance beginning March The full amount of the prepayment was debited to prepaid insurance.
On May Greensboro Properties received $ for years rent from Angela Cottrell, a lawyer and new tenant. Greensboro Properties credited unearned rent revenue for the full amount collected from Cottrell.
On July Greensboro Properties received $ for months rent on an office building that is occupied by Newnan and Calhoun, a regional accounting firm. The rental period begins on August The full amount received was credited to unearned rent revenue.
On November Greensboro Properties paid $ to Pinkerton Security for months security services beginning on that date. The entire amount was debited to prepaid security services.
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