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In November, 20X0, your company sublets spare for $500 and thousands advance rent of $1, 500 for three months-November, December and January-that is credited to
In November, 20X0, your company sublets spare for $500 and thousands advance rent of $1, 500 for three months-November, December and January-that is credited to Rent Revenue. Before the 20X0 books the closed, you discover that at your-end, 20X0, no adjusting entry was to Rent Revenue. To correct this omission... Rene Revenue should he debited for $500. Rent Revenue should be debited for $1,000. Rent Revenue should he debited for $1, 500. Rent Received in Advance should toe credited for $1,000
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