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Assume that Gerald did not default paying and all payments were made when due, On calendar year December 31, 2021 What amount should be reported as accrued rent receivable on the books of Joshua?

Assume that Gerald did not default paying and all payments were made when due, On calendar year December 31, 2021 What amount should be reported as accrued rent receivable on the books of Joshua?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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D Question 16 On July 1,2020, Joshua leased an equipment to Gerald under 3 year operating lease. Gerald will pay 100,000 quarterly on the first year, 75000 quarterly for the second year and 200,000 quarterly for the third year. The first payment will be due on September 30,2020. On July 1,2020 Gerald gave the 100,000 security deposit that is written on the contract to be given back at the end of lease term given that the equipment was taken care with ordinary diligence after the lease term. Assume that Gerald did not default paying and all payments were made when due, On calendar year December 31, 2021 What amount should be reported as accrued rent receivable on the books of Joshua?
Transcribed Image Text:D Question 16 On July 1,2020, Joshua leased an equipment to Gerald under 3 year operating lease. Gerald will pay 100,000 quarterly on the first year, 75000 quarterly for the second year and 200,000 quarterly for the third year. The first payment will be due on September 30,2020. On July 1,2020 Gerald gave the 100,000 security deposit that is written on the contract to be given back at the end of lease term given that the equipment was taken care with ordinary diligence after the lease term. Assume that Gerald did not default paying and all payments were made when due, On calendar year December 31, 2021 What amount should be reported as accrued rent receivable on the books of Joshua?
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