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SOYN company owns a small building with offices that it rents under contracts calling for payments either monthly or yearly in advance. however, some tenants are delinquent in their rent payments. during year, SOYN received $ 20,000 form tenants. SOYN'S ledger account balances for year 2 included the following. jan 1, year 2 Dec 31, year 2
rent receivable .................................... $ 2,400 ..................... $ 3,100
unearned rent ..................................... $ 8,000 ...................... $ 6,000
Required:
Question 1: Complete SOYN company's rent revenue for year 2 under the accrual basis of accounting.
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