Essay
Day Co.leases an office to a tenant at the rate of $5,000 per month.The tenant contacted Day and arranged to pay the rent for December 2014 on January 8,2015.Day agrees to this arrangement.
a.Prepare the journal entry that Day must make at December 31,2014,to record the accrued rental revenue.
b.Prepare the journal entry to record the receipt of the rent on January 8,2015.
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