Handout problem Chapter 7 On September 1, 2019 Trying to Get This, Corp. collected $4,800 for 8 months rent in advance. 1. What accounts are impacted by this transaction, and what is the impact on the account balance? Account Impact on Balance 2. What is the amount of rent revenue earned each month? 3. What accounts are impacted as the rent is earned each month, and what is the impact on the account balance? Account Impact on Balance 4. What is the amount of rent revenue that would be reported on the Income Statement for the year ended December 31, 2019? 5.What is the amount of Unearned Rent Revenue that would be reported on the Balance Sheet on December 31, 2019? 6. If the tenant did not renew the rental agreement at the end of the 8 months, what would be the amount of rent revenue earned by Trying to Get This, Corp. for the year 2020? 59