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On December 1, 2016, XYZ Co. agreed to rent space in ABC's building for $4,500 per month, and XYZ paid ABC on December 1 in
On December 1, 2016, XYZ Co. agreed to rent space in ABC's building for $4,500 per month, and XYZ paid ABC on December 1 in advance for the first three months' rent. The entry made on December 1 was as follows: debit Cash 13,500 credit unearned rent revenue 13,500 The unearned revenue account must be adjusted to reflect the amount earned as of 12/31/16.
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