Prepare the entries pertaining to the rent transaction, Accounting Basics

Prepare the entries pertaining to the rent transaction

On December 31,2011 , Ace Management Co. prepared an adjusting entry to accrue $9800 of earned but unrecorded rent revenue. On January 20, 2012, Ace received rent payments in the amount of $15,000. Assuming Ace uses reversing entries, prepare the 2012 entries pertaining to the rent transactions.

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Accounting Basics: Prepare the entries pertaining to the rent transaction

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Accounting Basics: Prepare the entries pertaining to the rent transaction

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