Prepare journal entries to record the collection of rent, Accounting Basics

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Prepare journal entries to record the collection of rent

Response to the following problem:

Hernandez Company rents out a portion of its building to Crider Company for $1,000 per month. On August 1, 2010, Crider Company paid Hernandez Company $12,000 for one years' rent in advance.

Prepare journal entries for Hernandez Company to record the collection of rent and the related year-end adjusting entry.

Make sure you use enough details to support your answer.

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Accounting Basics: Prepare journal entries to record the collection of rent

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Accounting Basics: Prepare journal entries to record the collection of rent

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