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Fox Co. rented Owl Co. a portion of its offices for 3 years at an...

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Question

Accounting

Fox Co. rented Owl Co. a portion of its offices for 3 years at an annual rental of $84,000, beginning on April 1. The tenant paid one years rent in advance. Fox reports on a calendar-year basis. The adjustment on December 31 of the first year should be

a. No entry

b. Unearned rental income 63,000 Rental income 63,000

c. Rental income 63,000 Unearned rental income 63,000

d. Unearned rental income 84,000 Rental income 84,000

Group of answer choices

a.

b.

c.

d.

Answer & Explanation Solved by verified expert
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