Business, 07.03.2020 05:23, Kaysofine11icloudcom
On November 1, 2019, Gordon Co. collected $31,800 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed.
a. Use the horizontal model to record the effect of the six months of rent collected in advance on November 1, 2016 for Gordon Co.
b. Use the horizontal model to record the effect of the adjustment that will be made at the end of each month to show the amount of rent "earned" during the month for Gordon Co.
c. If a larger advance collection was received on November 1, 2016, that had covered a longer 18-month lease period (at the same amount of rent per month), how should Gordon Co. report the unearned rent amount on its December 31, 2016, balance sheet?
Answers: 2
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On November 1, 2019, Gordon Co. collected $31,800 in cash from its tenant as an advance rent payment...
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