Credited rent revenue, On Oct 1, 2011 you received rent in advance of $12,000 for 3, Accounting Basics

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Credited rent revenue

On Oct 1, 2011 you received rent in advance of $12,000 for 3 years. You credited rent revenue.

A. You forgot to make an adjusting entry on December 31, 2011. What is the correcting entry to be made in 2012assuming the books for 2011 are closed?

B. Assume the same information given except you credited rent expense for $12000.

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Accounting Basics: Credited rent revenue

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Accounting Basics: Credited rent revenue

Reference No:- TGS039372

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Gain or loss-bond retirement

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Ask an Expert for Answer!!

Accounting Basics: Credited rent revenue

Reference No:- TGS039372

Recent Questions Asked Accounting Basics

Q : Gain or loss-bond retirement

Q : What indicate when price doubled-consumer expenditures

Q : Present value of the expected future stock price

Q : What is the quantity demanded when px is given

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Q : Draw labeled graph to explain the shutdown decision

Q : Determine ending inventory under a perpetual inventory sys

Q : Determine level at which firm maximizes its total profit

Q : Debited insurance expense

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