E) The company Loyer Inc. received, in advance, on November 1, X3, $6,000 for rent...
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Accounting
E)
The company Loyer Inc. received, in advance, on November 1, X3, $6,000 for rent (rental income) covering a period of 3 months from November 1, X3 (monthly rent of $2,000) . The entire amount in question has been recorded by the accountant in the Rental income account.
Based on this information, indicate the amount to be presented as Deferred Revenue to the FHT on December 31, X3.
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