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.
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.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 8DQ
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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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