On October 1, Haslip Company rented warehouse space to a tenant for $2.950 per month...
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Accounting
On October 1, Haslip Company rented warehouse space to a tenant for $2.950 per month The tenant paid five months' rent in advance on that date the payment was recorded to the Revenue account. The company's annual accounting period ends on December 31. The adjusting entry needed on December 31 is Debit Rent Revenue $8,850, credit Revenue Received in Advance $8850 Debit Rent Receivable $8 850 credit Rent Revenue $8,850 Debit Rent Revenue $5.900, credit Revenue Received in Advance 55,900 Debit Revenue Received in Advance $14.750, credit Rent Revenue. $14.750, Debit Rent Receivable. $14.750. credit Rent Revenue $14.750
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