Accrued rent income of P 25,000 was overlooked at the end of 2021. What would be the adjusting entry if the error was discovered at December 31, 2022? O Debit - Rent Receivable, P 25,000; Credit - Retained Earnings, P 25,000. O No adjusting entry is necessary O Debit - Rent Income, P 25,000; Credit - Retained Earnings, P 25,000. O Debit - Retained Earnings, P 25,000; Credit Rent Income, P 25,000.

Accrued rent income of P 25,000 was overlooked at the end of 2021. What would be the adjusting entry if the error was discovered at December 31, 2022? O Debit - Rent Receivable, P 25,000; Credit - Retained Earnings, P 25,000. O No adjusting entry is necessary O Debit - Rent Income, P 25,000; Credit - Retained Earnings, P 25,000. O Debit - Retained Earnings, P 25,000; Credit Rent Income, P 25,000.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 5SEQ: The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co....

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