Manning,Co.collected six-months' rent in advance from a tenant on November 1 of the current year.When cash was collected,the following entry was made:
$$\begin{array} { | l | l | l | l | }
\hline \text { Nov. 01 } & \text { Cash } & 15,000 & \
\hline & \text { Rent Revenue Earned } & & 15,000 \
\hline
\end{array}$$
Prepare the required adjusting entry at December 31 of the current year.

Question

Manning,Co.collected six-months' rent in advance from a tenant on November 1 of the current year.When cash was collected,the following entry was made:
 $$\begin{array} { | l | l | l | l | } 
\hline \text { Nov. 01 } & \text { Cash } & 15,000 & \
\hline & \text { Rent Revenue Earned } & & 15,000 \
\hline
\end{array}$$ 
Prepare the required adjusting entry at December 31 of the current year.

Quizplus · Accepted Answer

The Answer of Manning,Co.collected six-months' rent in advance from a tenant on November 1 of the current year.When cash was collected,the following entry was made:
 $$\begin{array} { | l | l | l | l | } 
\hline \text { Nov. 01 } & \text { Cash } & 15,000 & \
\hline & \text { Rent Revenue Earned } & & 15,000 \
\hline
\end{array}$$ 
Prepare the required adjusting entry at December 31 of the current year.

Manning,Co Prepare the Required Adjusting Entry at December 31 of the 1