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In its unadjusted trial balance at December 31, 2017, Ninatori Fashion Supply Corp. reported tenearrsd rent Revenue with a balance of $132,600 that resulted from
In its unadjusted trial balance at December 31, 2017, Ninatori Fashion Supply Corp. reported tenearrsd rent Revenue with a balance of $132,600 that resulted from two leases signed with during 2017: On May 8, 2017, the Company agreed to lease the 5th floor of its office building to the consulting firm of Tutuola and Munch for one year beginning on June 1, 2017. The Company received $87,600 cash from the new tenant as an advance payment in full of rent under the lease. Tutuola and Munch moved into the leased space on June 1 and used it throughout the remainder of 2017. . The Company received $45,000 cash from Benson and Stabler LLP on December 28th as the advance payment of rent for the first six months of a one-year agreement to lease the 6th floor of its office building beginning on January 15, 2018. Prepare the necessary adjusting entry at December 31, 2017 to properly recognize amoun relating to the leases under GAAP #15
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