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Income statement account record

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Reference no: EM133227924

During the first year of operations, a calendar year company received $14,400 in cash for rent on a portion of its building. Analysis indicates that of this amount $4,800 applies to next year.

Assuming the $14,400 was recorded initially in an income statement account (revenue), record all necessary entries.

Assuming the $14,400 was recorded initially in a balance sheet account (liability), record all necessary entries.

Reference no: EM133227924

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