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Legacy Word and Music has for rent an unused portion of its building to a bank. It collects the quarterly rent of P81,000 at the
Legacy Word and Music has for rent an unused portion of its building to a
bank. It collects the quarterly rent of P81,000 at the end of every quarter.
Assuming that Legacys accounting period ends on October 31, and that the
last time rent was collected was on September 30, what is the entry to adjust
the books of Legacy on October 31?
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Understanding Financial Accounting A Guide For Non-specialists
Authors: Jimmy Winfield, Mark Graham, Taryn Miller
1st Edition
0198847270, 9780198847274
