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On June 1, 20X0, your company sublets warehouse space for $1,800 a year to GHI,...

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Accounting

  1. On June 1, 20X0, your company sublets warehouse space for $1,800 a year to GHI, which pays in full upon signing and the amount is recorded as revenue. At year-end 20X0, you discover an adjusting entry that transfers $900 from Revenue to Deferred Revenue.
  2. What is the journal correcting entry?
  3. If no correcting journal entry is recorded, how are the 20X0 income statement and balance sheet, respectively, affected?

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