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On August 1, 2024, William Co. entered into a 6-month lease agreement to rent out old warehouse space it was no longer using. This agreement
On August 1, 2024, William Co. entered into a 6-month lease agreement to rent out old warehouse space it was no longer using. This agreement calls for William to receive $3,000 per month from the lessee, due and payable at the end of the 6-month lease term. At December 31, 2024, none of the rental payments from the lessee had yet been received. If William makes the appropriate adjusting entry, how much will be reported on the December 31 financial statements as rent receivable and rent revenue, respectively?
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