Question - The Mazzanti Wholesale Food Company's fiscal year-end is June 30. The company issue quarterly financial statements requiring the company to prepare adjusting entries at the end of each quarter. Assuming all quarterly adjusting entries were properly recorded, prepare the necessary year-end adjusting entries at the end of June 30, 2016, for the following situations.
Mazzani owns a warehouse that it rents to another company. On January 1, 2016, Mazzanti collected $24,000 representing rent for the 2016 calendar year.