B. Deferred revenues-rent On September 1, year 1, Noreen Ltd. collected $90,000 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on February 28, year 2, at which time the lease contract may be renewed. Noreen's fiscal year ends on December 31. Required: 1. Prepare journal entries to record the collection of rent on September 1, year 1, and the related adjustment for the amount of rent earned during year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet X No 1 2 Date Sept 01, Year 1 Dec 31, Year 1 Cash Deferred rent revenue Deferred rent revenue Rent revenue General Journal Debit 90,000 60,000 Credit 90,000 60,000

B. Deferred revenues-rent On September 1, year 1, Noreen Ltd. collected $90,000 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on February 28, year 2, at which time the lease contract may be renewed. Noreen's fiscal year ends on December 31. Required: 1. Prepare journal entries to record the collection of rent on September 1, year 1, and the related adjustment for the amount of rent earned during year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet X No 1 2 Date Sept 01, Year 1 Dec 31, Year 1 Cash Deferred rent revenue Deferred rent revenue Rent revenue General Journal Debit 90,000 60,000 Credit 90,000 60,000

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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