Essay
Pfister Co.leases an office to a tenant at the rate of $5,000 per month.The tenant contacted Pfister and arranged to pay the rent for December 2011 on January 8,2012.Pfister agrees to this arrangement.
a. Prepare the journal entry that Pfister must make at December 31, 2011 to record the accrued rental revenue.
b. Prepare the journal entry to record the receipt of the rent on January 8, 2012.
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