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On October 1, 20X0, your company sublets warehouse space for $900 a year to DEF,...

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Accounting

  1. On October 1, 20X0, your company sublets warehouse space for $900 a year to DEF, which pays in full upon signing and the amount is recorded as revenue. At year-end 20X0, you discover an adjusting entry that defers $300 of revenue.
  2. What is the 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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