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On Friday, Ren Tanaka's boss asks him to prepare a special report that is due on Monday at 8 a.m. Ren gathers the following material
On Friday, Ren Tanaka's boss asks him to prepare a special report that is due on Monday at 8 a.m. Ren gathers the following material in his briefcase: Prepaid Advertising Accrued Interest Unearned Rent Cash paid for: December 31 2022 2023 $ 600 $1200 150 350 1,000 600 Advertising Interest Rent $3,800 1,500 4,600 Cash received for: As his best friend, you want to help Ren show the amounts that are to be reported on the 2023 income statement for (a) Advertising Expense, (b) Interest Expense, and (c) Rent Fees Earned. Please explain in writing why unearned rent is considered a liability
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