Solved: Why adjusting entry should be made, Accounting Basics

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Why adjusting entry should be made

Response to the following problem:

Fern town Hospital received $1,800, representing a year's rent in advance, on November 1, 20X1. In the transaction entry, $1,800 was credited to the deferred rental income account.

Assuming that adjustments are made annually on December 31 only, what adjusting entry should be made on December 31, 20X1?

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Accounting Basics: Why adjusting entry should be made

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Accounting Basics: Why adjusting entry should be made

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