The following transaction occurred during Dec 31, 2021, for the Microchip Company. On August 1, 2021, collected 120000 in advance on rent from another company that is renting a portion of Microchip's factory.  THe $12,000 represents one year's rent and the entire amount was credited to deferred rent revenue.

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
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Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
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The following transaction occurred during Dec 31, 2021, for the Microchip Company.

On August 1, 2021, collected 120000 in advance on rent from another company that is renting a portion of Microchip's factory.  THe $12,000 represents one year's rent and the entire amount was credited to deferred rent revenue. 

 

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