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HHomework question, to help me study. Thank you. PLEASE SHOW WORK! Sheridan Company sublet a portion of its warehouse for five years at an annual

image text in transcribedHHomework question, to help me study. Thank you. PLEASE SHOW WORK!

Sheridan Company sublet a portion of its warehouse for five years at an annual rental of $72000, beginning on May 1, 2020. The tenant, Maria Miller, paid one year's rent in advance, which Sheridan recorded as a credit to Unearned Rent Revenue. Sheridan reports on a calendar-year basis. The adjustment on December 31, 2020 for Sheridan should be 48000 Unearned Rent Revenue Rent Revenue 48000 24000 Rent Revenue Unearned Rent Revenue No entry 24000 O 24000 Unearned Rent Revenue Rent Revenue 24000

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