On November 1, 2016, Bruce Company leased some of its office space to Fairlane Company and immediately collected $600,000 for twelve months rent in advance. Bruce debited cash and credited unearned rent revenue for $600,000.
Required:
Prepare the December 31, 2016 adjusting entry Bruce should make in respect to the rent, assuming no adjusting entries have been made during the year.

Question

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The Answer of On November 1, 2016, Bruce Company leased some of its office space to Fairlane Company and immediately collected $600,000 for twelve months rent in advance. Bruce debited cash and credited unearned rent revenue for $600,000.
Required:
Prepare the December 31, 2016 adjusting entry Bruce should make in respect to the rent, assuming no adjusting entries have been made during the year.

On November 1, 2016, Bruce Company Leased Some of Its