On November 1, 20X1, Zany Company leased some of its office space to Fox Company and immediately collected twelve months rent in advance of $24,000. Zany debited cash and credited unearned rent revenue for $24,000. At the end of 20X1 (the end of the accounting period), give the adjusting entry Zany should make in respect to the rent.

Question

Quizplus · Accepted Answer

The Answer of On November 1, 20X1, Zany Company leased some of its office space to Fox Company and immediately collected twelve months rent in advance of $24,000. Zany debited cash and credited unearned rent revenue for $24,000. At the end of 20X1 (the end of the accounting period), give the adjusting entry Zany should make in respect to the rent.

On November 1, 20X1, Zany Company Leased Some of Its