Question
On June 1, 2019, a company received $6,900 as a rent prepayment on year 2 of its tenant's 12-month lease. The company reports $6,525 rent
On June 1, 2019, a company received $6,900 as a rent prepayment on year 2 of its tenant's 12-month lease. The company reports $6,525 rent revenue on the December 31, 2019 income statement and $7,250 rent revenue on the December 31, 2020 income statement.
What amount does the company report as unearned rent revenue on the December 31, 2020 balance sheet?
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Management and Cost Accounting
Authors: Alnoor Bhimani, Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan
6th edition
1292063467, 978-1292063461
