Business, 03.03.2020 17:27, DerrtDiggler7826

The Krug Company collected $9,000 rent in advance on November 1, debiting Cash and crediting Unearned Rent Revenue. The tenant was paying 12 months' rent in advance and occupancy began November 1.
Unearned rent revenue:
Step 1: Determine what the current account balance equals.
Step 2: Determine what the current account balance should equal.
Step 3. Record the December 31 adjusting entry to get from step 1 to step 2.

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The Krug Company collected $9,000 rent in advance on November 1, debiting Cash and crediting Unearne...