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What amount should be debited to the rent revenue account

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Problem 1: The Excellent Realty began business on January 1, 2011. The company is using the calendar year as its accounting period. On June 1 of the same year, the company collected ten months advance payment of rent amounting to P840,000 from its tenants, starting June 1, 2011. Excellent Realty debited Cash and credited Rent Revenue for P840,000. In the year-end adjusting entries, what amount should be debited to the Rent Revenue account?

Reference no: EM132760831

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