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On September 1, 2023, Wildhorse Corporation received $60600 cash from a tenant for one year's rent in advance and recorded the transaction with a credit
On September 1, 2023, Wildhorse Corporation received $60600 cash from a tenant for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 2023, required adjusting entry in connection with this would be debit Cash and credit Unearned Rent , $10100 debit Rent Revenue and credit Unearned Rent, $ 20200. debit Rent Revenue and credit Unearned Rent , $40400 debit Unearned Rent and credit Rent Revenue , $20200
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