On oct 1 2011 you received rent in advance of 12000 for 3, Ask an Expert

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On Oct 1, 2011 you received rent in advance of $12,000 for 3 years. You credited rent revenue. You forgot to make an adjusting entry on December 31, 2011. What is the correcting entry to be made in 2012assuming the books for 2011 are closed?

Assume the same information given above except you credited rent expense for $12000. What is the correcting entry in 2012 assuming the books in 2011 are closed?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9951707

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