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What is the record correction of rent received in advance

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Reference no: EM132622465

On the last day of 2020, Midwest Importers received a $85,000 prepayment from a tenant for 2021 rent of a building. Midwest recorded the receipt as rent revenue. The error was discovered midway through 2021.

Problem 1: What is the record correction of rent received in advance?

Problem 2: Record correction of rent received in advance. Note: Enter debits before credits.

Transaction General Journal

Retained earnings debit 85,000

Rent revenue ?

Deferred rent revenue ?

Reference no: EM132622465

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