(Answered) 1 on august 1 2016 collected 12900 in advance rent from

Accounting

1. On August 1, 2016, collected $12,900 in advance rent from another company that is renting a portion of Microships Factory. The $12,900 represents one year's rent and the entire amount was credited to rent revenue.

2. Mircochip began the year with $2,300 in its assest account, supplies. During the year $6,800 is supplies were purchased and debited to supplies. At year-end, supplies costing $3,400 remain on hand

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