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On June 1, 20X0, your company sublets warehouse space for $1,800 a year to GHI, which pays in full upon signing and the amount is
- On June 1, 20X0, your company sublets warehouse space for $1,800 a year to GHI, which pays in full upon signing and the amount is recorded as revenue. At year-end 20X0, you discover an adjusting entry that transfers $900 from Revenue to Deferred Revenue.
- What is the journal correcting entry?
- If no correcting journal entry is recorded, how are the 20X0 income statement and balance sheet, respectively, affected?
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Principles of Accounting
Authors: Needles, Powers, crosson
11th Edition
1439037744, 978-1133626985, 978-1439037744
