On October 1, Goodwell Company rented warehouse space to a tenant for $2,500 per month....
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Accounting
On October 1, Goodwell Company rented warehouse space to a tenant for $2,500 per month. The tenant paid five months rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Revenue account. The companys annual accounting period ends on December 31. The year-end adjusting entry needed on December 31 is
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