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TentRenters Company sets up a large event tent for the local food festival. The tent will be rented to the Business Improvement Association for two

TentRenters Company sets up a large event tent for the local food festival. The tent will be rented to the Business
Improvement Association for two weeks for a total cost of $2,200. The event takes place over the Canada Day
weekend. So, one week of the rental takes place in June, and the other week is in July. TentRenters will bill the
Business Improvement Association on July 6 for the two-week rental. Record the June 30 adjusting entry to update
TentRenters's financial records for the one week it has earned rental revenue.
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