Essay
On November 1, 2014, Bruce Company leased some of its office space to Fairlane Company and immediately collected $600,000 for twelve months rent in advance. Bruce debited cash and credited unearned rent revenue for $600,000.
Required:
Prepare the December 31, 2014 adjusting entry Bruce should make in respect to the rent, assuming no adjusting entries have been made during the year.
Correct Answer:
Verified
Correct Answer:
Verified
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