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Show the effect of six months of rent collected in advance

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On November 1, 2019, Gordon Co. collected $8,880 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed.

a-3. Record the journal entry to show the effect of the six months of rent collected in advance on November 1, 2019 for Gordon Co. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

a-4. Record the journal entry to show the effect of the adjustment that will be made at the end of each month to show the amount of rent "earned" during the month for Gordon Co. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Reference no: EM132381648

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