Homework Answers
Journal Entries:
| 1) | ||
| Accounts Titles ans Explanation | Debit | Credit |
| Cash ($420,000*6/12 months) | $210,000 | |
| Unearned Revenue | $210,000 | |
| (To record the receipt of 6 month's rent revenue in advance) | ||
| 2) | ||
| Accounts Titles ans Explanation | Debit | Credit |
| Unearned Revenue ($420,000*1/12 months) | $35,000 | |
| Rent Revenue | $35,000 | |
| (To record the recognition of one month rent revenue) |
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please do question 3 Exercise 3-49 (Algorithmic) Prepayments, Collections in Advance Greensboro Properties Inc. owns a...
please do question 3
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please do question 3
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