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Store-It-Here owns a warehouse. On September 1, it rented storage space to a lessee (tenant) for six months for a total cash payment of $12,000

Store-It-Here owns a warehouse. On September 1, it rented storage space to a lessee (tenant) for six months for a total cash payment of $12,000 received in advance. Prepare two sets of journal entries for Store-It-Here, with each set of journal entries recording the September 1 journal entry and the December 31 adjusting entry. (a) Treat the receipt of cash as a liability in a first set of journal entries. (b) Treat the receipt of cash as a revenue in a second set of journal entries. 11:41 AM C
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Store-It-Here owns a warehouse. On September 1, it rented storage space to a lessee (tenant) for six months for a total cash payment of $12,000 received in advance. Prepare two sets of journal entries for Store-It-Here, with each set of journal entries recording the September 1 journal entry and the December 31 adjusting entry. (a) Treat the receipt of cash as a liability in a first set of journal entries. (b) Treat the receipt of cash as a revenue in a second set of journal entries. 11:41AM

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