Reference no: EM132722133
Problem 1: Use the following information for the next four questions:Your business is renting out properties. On June 1, 20x1, your business receives one-year advanced rent of ?360,000 from one of your tenants. The advanced rent covers the months of June 1, 20x1 to May 31, 20x2. 13. What is the journal entry to record the collection on June 1, 20x1 under the liability method?
Problem 2: What is the journal entry to record the collection on June 1, 20x1 under the income method?
Problem 3: What is the adjusting entry on December 31, 20x1 under the liability method?
Problem 4: What is the adjusting entry on December 31, 20x1 under the income method?
Problem 5: Your business pays one-year insurance of ?360,000 on November 1, 20x1. 17. What is the journal entry to record the prepayment on November 1, 20x1 under the asset method?
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