On November 1,2010,Bruce Company Leased Some of Its Office Space

question 88

Short Answer

On November 1,2010,Bruce Company leased some of its office space to Fairlane Company and immediately collected twelve months rent in advance of $600,000.Bruce debited cash and credited unearned rent revenue for $600,000.Prepare the December 31,2010 adjusting entry Bruce should make in respect to the rent,assuming no adjusting entries have been made during the year.

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