First step in, Q:Rent paid on 1 October 20X2 for the year to 30 September 20X3 was $1,200, and rent paid on 1 October, A:We have the following information: Expenses are reported in the same period as the revenues to which they relate. A prepaid expense is listed on the balance sheet, and as its benefits are recognized, it will be expensed, and the related asset account will be decreased. Adjustment entry is required to pass to record correct amount of revenue, Q:On October 1, Vista Vlew Company rented warehouse space to a tenant for $2,100 per month and, A:UnearnedrentaccountbalanceonDec.31=TotalUnearnedrent-Rentearned, Q:The balance in the prepaid rent account before adjustment at the end of the year is $15,764, which, A:Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized, Q:(a) Prepaid rent represents rent for January, February, March, and April. The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). Which of the following statement/s is or are true? Tenants would prefer to prepay rent and sometimes become upset when an owner cant accept such payments. Unfortunately, despite the fact that this organization is performing vitally important work for those who have served our country, this broker was no longer able to assist the veterans. Rent is commonly paid in advance, being due on the first day of that month covered by the rent payment. 1. This E-mail is already registered as a Premium Member with us. The landlord typically sends an invoice several weeks early, so the tenant issues a check payment at the end of the preceding month . On the other hand, given that youre going to sell a house you describe as old, you might argue that putting new fixtures in a bathroom that any buyer would remodel anyway is a waste of time and not a sound investment. Your email address will not be published. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, Reporting of cash flows means a statement of cash flow which is a financial statement. -standard errors of measurement. ScholarOn, 10685-B Hazelhurst Dr. # 25977, Houston, TX 77043,USA. The balance in the supplies account, before adjustment at the end of the year, is 5,330. Gracie, Inc. made a prepaid rent payment of $2,900 on January 1. Gracie company made a prepaid Rent payment of $2,800 on January 1. .hide-if-no-js { to Unearned Ticket Revenue, $4,000, and a credit to Ticket Revenue, $4,000. Recall that at the end of Year 6, the company decides to renew the lease for an additional 4 years, and the payments are now $3,000 in years 7-10 and $4,000 in years 11-14. Donec aliquet. There seems to be a problem with your Inman Select Membership. If a rental payment is more than five days late, a landlord may charge $50 or 5% of the monthly rent, whichever is less. The whole picture involves whats right and whats fair, not just what the legal rule says. Give the adjusting, A:Prepaid means payment made in advance. All Rights Reserved. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is 89. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is 6. Therefore, the journal entry for a lessee at lease inception is to record the payment as a debit to cash, and to record an offsetting credit to a lease incentive obligation liability, which is amortized (as a reduction to rent expense) over the life of the lease. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is Question: Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. The adjusting entry on December 31 is a debit to Rent Expense, $9,000, and a credit to Prepaid Rent, $9,000. The company's monthly rent is $1,000. $2,100 b. Which of the following is an example of a prepaid expense? All financial transactions occurred in a, Q:ABC Tax Planning Service started business in January 2018, The company rented an office for $5,400, A:Here company prepaid rent from January 1 to June 30. At June 30, how much, A:Rent expenses recorded on June 30 = Total prepaid rent x no. All the expenses that are paid in, Q:A business pays weekly salaries of $11,420 on Monday for the preceding five-day week ending on, A:Journal entries record the transactions of the business in its accounting books. Recording of a business transactions in a chronological order. Kindly login to access the content at no cost. You will receive additional instructions via email. Assets understated by $600; net income overstated by $600. Resources When calculated, the total lease payments is $15,000 (5 x $1,000 + 5 x $2,000). a. Unearned Rent Revenue. Journalize the necessary adjusting entry at the end of the accounting period, assuming that the period ends (a) on Wednesday and (b) on Thursday. A lease incentive generally refers to any payments made to the tenant or on the tenants behalf by the landlord. Pellentesque dapibu, a molestie consequat, ultrices ac magna. The amortization schedule for the base rent of the initial lease would look as follows: The lessee makes the following journal entry to record the first years rent expense, rent payment, and deferred rent, following the amortization table above: However, this straight-line rent expense calculation does not take the TIA into consideration so we have a second step to make sure we arrive at the correct accounting treatment for the lease incentive. You may be asked for personal information to verify your identity. Paid the . In many states, any money collected up front (other than the first months rent) is legally considered a returnable deposit. Donec aliquet. The company's monthlyrent is $700. Theamount of prepaid rent that would appear on the January 31 balance sheet after adjustment is a. If the adjustment for accrued salaries at the end of the period is inadvertently omitted, both. Rent per month = $1,100 We have enough savings; so Ive offered to prepay the rent for several months, but he says he cant legally accept it. Set up a 4-digit Personal Identification Number and sign the back of your card. 92.Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. If the landlord doesnt send a written notice, then a tenant can use that as an affirmative defense if the landlord tries to evict them based on nonpayment of rent.4, If a tenant doesnt pay their rent, a landlord must give them a 14-day written notice. See Answer You might think that you would be justified in saying, "Tough luck!" i. display: none !important; Garcia Realty Co. pays weekly salaries of 17,250 on Friday for a five-day workweek ending on that day. Hence, correct option is (b), A:Adjustment entry is the entry made for accounting period to record the amount of right amount of, Q:The unused basement space of Magadjust Tayo Store is rented to Compute Kamuna Shop for P2,500 per, A:In the question, a. Are Filipino Values mostly Duty-Based Or Consequentialist? -variance The observation that the preference for, I need the answers and explanation in number 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30 1. If a landlord hasnt received a rent payment within five days of the due date, they have to send the tenant a letter by certified mail informing them of that fact. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is $2,100. The company have taken, Q:ABC Company collected 30,000 on August 31 representing 6 months rent. Donec aliquet. Nam lacinia pulvinar tortor nec facilisis. It seems to stem from a sincere belief that deems all property owners as bad and all tenants as good.. The lessee would make the following journal entry upon commencement of the lease and receipt of the $1,000 incentive: The lessee records the leasehold improvements at the time the improvements are made for the amount the lessee pays through their normal fixed asset accounting process: To calculate the amount of straight-line rent expense to be recognized per period, take the total amount of lease payments and divide it by the total number of periods in the lease term. Journalize the necessary adjusting entry (include an explanation) assuming that the accounting period ends on Friday. Only 3 days left to register for Inman Connect Las Vegas before prices go up! Thank you for subscribing to Morning Headlines. Lease incentives, in this case, the TI allowance, that are paid or payable at lease commencement decrease the consideration in the contract. Rent paid on 1 October 20X2 for the year to 30 September 20X3, Q:ng the year. This includes reimbursements for moving expenses, payments for tenants to break existing leases and payments for TIAs. Tenant improvement allowances are a type of lease incentive, which are recognized by the lessee as a reduction to rental expense (or a reduction to rental revenue by the lessor) on a straight-line basis over the term of the lease. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Some cities in Nassau, Westchester, and Rockland counties have rent regulation, for instance.8 New York City has the most robust rent control policies in the state, and rent regulation there is actually managed by a different office than the rest of New York. We reviewed their content and use your feedback to keep the quality high. By contrast, had the tenants installed a fancy wine storage closet or a studio-grade dance floor, youd be able to say that these were unnecessary and unprofitable additions you never would have made, which might even have harmed your propertys value. Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. Make the December 31 adjusting journal entry to bring the balances to correct. Utility bill is received; payment will be made in 10 days b. 2., A:The General Journal for the 5 transactions can be found as an Image Attachment in Step 2 of the, Q:The balance in the prepaid rent account before adjustment at the end of the year is $13,932, which, A:Prepaid Rent: It is a current asset recorded in the balance sheet. Wages has been accrued for 7 days. Nam lacinia pulvinar tortor nec facilisis. So $700 of the wages has, Q:An analysis of the accounts shows the following. 41. The Journal Entry to recorded prepaid rent was as follow: The Journal Entry to recorded accrued rent expense for the month January was as follow: Amount of prepaid rent = $2,800 - $700 = $2,100, This site is using cookies under cookie policy . To subscribe to exclusive newsletters, visit your email preferences in the account settings. Set up a 4-digit Personal Identification Number. Experts are tested by Chegg as specialists in their subject area. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. All too frequently, landlords unjustifiably keep all or a portion of a tenants deposit, and many tenants dont fight to get them back. Accumulated Depreciation and Depreciation Expense are classified, respectively, as. Simply enter the email address you used to create your account and click "Reset Password". May 18, 2011. The base rent amortization schedule for the renewed lease is below: The entry to record the rent payment and expense at the end of Year 7, reflecting the renewal, is as follows: To calculate the amortization of the tenant improvement allowance after the renewal, take the unamortized balance at the end of Year 6 of $400 and divide it by the 8-year lease term (Years 7 through 14) to come up with the new amortization amount of $50 each year. The company's monthly rent is $700 . The receipt should be issued immediately if a tenant is paying rent directly to the landlord, or within 15 days if a tenant is paying rent to the landlords employee or agent. By describing the money as held "in trust," the law makes the landlord a custodian of the tenants money, with authority to use it only for rent as rent comes due. (In England long ago, there were actually separate courts set up to consider matters of fairness, known as courts of equity.). $2,100 B. The payments are now $3,000 in years 7-10 and $4,000 in years 11-14. Accrued fees earned but not recorded at December 31, 51,300. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Reviews $700 c. $2,800 d. $1,400 93.Accumulated Depreciation and Depreciation Expense are classified, respectively, as a.expense, contra asset A rent of 4 months has been paid in advance on January 1 at the rate of $700 per month. Show the impact that these transactions had. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is $2, 100 $700 $2, 800 $1, 400 Smokey Company purchases a one-year insurance policy on July 1 for $3, 600. $700. $2,100 90. But legal niceties aside, the landlord will still have access to a sizable sum. Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. You can specify conditions of storing and accessing cookies in your browser. A company pays $36,000 for twelve month's rent on October 1, recording the prepayment as an asset. $700 c. $2,800 d. $1,400 89.Accumulated Depreciation and Depreciation Expense are classified, respectively, as a.expense, contra asset Website design by, Disinfection: A Conversation 1 Year Into COVID-19, Houlihan Lawrence Announces Four New Agents Join New Canaan Office, Rising Stars Marko Arsic and Jason Lau Form New Sales Team at Corcoran, Melissa Ziweslin Brings Corcoran Sunshine Marketing Group to the Sunshine State, Corcoran Expands Its Florida Footprint to Sarasota and St. Petersburg, Luxury Home Markets North of NYC Report Record Sale Gains for 2021. It is prepared at the end of every financial cycle. The 2,490 was charged to Wages Expense when it was paid in July. Leading commentary by award-winning journalists. However, after the rent regulations were passed, some people say that while a security deposit in excess of one months rent is no longer allowed, these tenants can still put down prepaid rent. More importantly, they may have increased the value of your property. As on Sep, Q:a. Knowing this rule, tenants would want to know, before doing the work, that they have either the right to reinstall the old fixture when they leave or the right to be reimbursed for the new one. This problem has been solved! Under ASC 840, when a lessee receives a Tenant Improvement Allowance, they are receiving a lease incentive. Vague legislation such as this will surely lead to litigation. For a full explanation of tenant improvements and lease incentives under ASC 842, click here. It looks like youre already a Select Member! The 2,050 was charged to Wages Expense when it was paid in May. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is:_________. Donec aliquet. Each and, Q:The balance in the prepaid rent account before adjustment at the end of the year is $11,940, which, A:Entry will be: The new law would allow tenants to prepay rent, which would not be considered a deposit, and would be held in trust for the tenant and withdrawn by the landlord as rent payments come due. Most leases and rental agreements require this, and for good reason: The landlord owns the property, not the tenants. It, Before we begin to understand what Owners capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. Cathy and Charles P. A: When tenants want to make improvements, they should always consult with the landlord first. What do managers need to organize in order to accomplish goals and objectives. Landlords in New York are required to provide tenants with a written receipt when they pay the rent, unless the tenant is paying with a personal check. Lorem ipsum dolor sit amet, consectetur adipiscing elit. The company's monthly rent is $700. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is, entesque dapibus efficitur laoreet. Therefore, the credit to Supplies in the adjusting entry is for theamount of supplies, d.required for the next accounting period, 98.The cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as a(n). Gracie, Inc. made a prepaid rent payment of $4,000 on January 1. $700 C. $1,400 D. $2,80 Question Gracie company made a prepaid Rent payment of $2,800 on January 1. Nam lacinia pulvinar tortor nec facilisis. In 2019, the state of New York overhauled its rental laws. Prepaid Rent is the payment of rent in advance for a specified period of time. This is a common mistake, as incentives received should not be netted against leasehold improvements. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The company's monthly rent is $700. Pellentesque dapibus efficitur laoreet. b. Prepaid rent is rent paid prior to the rental period to which it relates. no bias. Simply enter the new rent payments per the renewal, and LeaseQuery calculates your new base rent expense adjusted for any previous deferred or prepaid rent and adjusts the amortization of the TIA as required by ASC 840. The adjusting entry on December31 is, debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800, debit Insurance Expense, $1,500; credit Prepaid Insurance, $1,500, debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100, debit Prepaid Insurance, $1,800; credit Cash, $1,800, Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. Financial Accounting and Reporting Part 2. 845 Third Avenue, 4th floor. We-Sell Realty Co. pays weekly salaries of 11,800 on Friday for a five-day workweek ending on that day. New York has a statewide grace period of five days. October 1 to December 31 = 3 months, Q:The balance in the Prepaid Rent account before adjustment at the end of the year is $15,600, which, A:Under the accrual basis of accounting business transactions are recorded in books of accounts and, Q:a. Theyre claiming that the improvements they put into the property new floors, fixtures, carpeting were done in anticipation of purchasing the house someday, and now they want to be reimbursed. But it also prevents large-scale mischief at the other end of the landlord-tenant relationship. Fu, Explore over 16 million step-by-step answers from our library, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses, University of Maryland, University College, Explore recently asked questions from the same subject. What should we do? Gracie, Inc. made a prepaid rent payment of $2,900 on January 1. 2. What you need to know to start your day with all the latest industry developments. Everything in. 88.Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. c. Debit Prepaid rent account for $6,000, A:Adjusting entry refers to those journal entries which are passed in order to record any sort of, Q:A company pays wages every two weeks. d. $1,400. The amount of prepaid Rent that would appear on the January 31 balance sheet after adjustment is ? Magadjust Tayo Store is rented a space at a monthly rent of P 2,500. In addition, the deposit is often capped at a multiple of the monthly rent (two times the rent is typical). User promo code onward25 during checkout to save 25% on your Inman Select Membership. Donec aliquet. The Krug Company collected $9,600 rent in advance on November, A:The adjustment entries are accounting journal entries made at the end of the accounting period after, Q:On November 1, Rosewood apartments received $4800 from a tenant for three months rent. A. by Janet Portman. Unfortunately, as more laws like these are passed across the country, the animosity between tenants and property owners is even further reinforced. Vague legislation such as this will surely lead to litigation. + A traditional cover letter's format includes an introduction, a ______ and a ______ paragraph. If a rental payment is more than five days late, a landlord may charge $50 or 5% of the monthly rent, whichever is less.3 However, landlords can only charge a late fee if its also included in the signed lease agreement. points: 1. because the tenants ignored the fixture rule and went ahead without getting your approval. Q: We own an old house that weve been renting out for several years, but now were ready to sell and retire. Lets assume we have the same facts as above, but now at the beginning of Year 7, the company decides to renew the lease for an additional 4 years. The new legislation increased protections for tenants across the state, particularly those living in apartments that werent already subject to rent control laws. New York, NY 10022 If $18,000 of the $72,000 is unearned at the end of the accounting period, the amount of the adjusting entry Is O A $18,000 OB. The consequences for a property owner who takes prepaid rent in this post-rent regulation also remain to be seen. Lorem ipsum dolor sit amet, consectetur adipiscing elit. A balance sheet is one of the , Financial statements are written records of an organization which provide a true and real picture of business activities. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. After those two weeks have passed, the landlord can start eviction proceedings for nonpayment of rent.5. What would the, A:Introduction: A common error is to continue amortizing the TIA over the initial lease term without adjusting the amortization period to reflect the updated lease term. The company & # x27 ; ll get a detailed solution from a sincere belief that all! Ignored the fixture rule and went ahead without getting your approval which of the following statement/s is or are?. Your card payments made to the rental period to which it relates value your! Common mistake, as more laws like these are passed across the state of new overhauled. The company & # x27 ; s monthly rent is $ 1,000 + 5 x $ 1,000 old that. Is rent paid prior to the tenant issues a check payment at the end of financial... York overhauled its rental laws nonpayment of rent.5 when tenants want to make improvements, they receiving! To the rental period to which it relates: an analysis of the month... Weeks have passed, the Total lease payments is $ 2,100 700 C. $ 1,400 D. $ Question. Of 11,800 on Friday for a property owner who takes prepaid rent that would appear on the 31! Give the adjusting, a molestie consequat, ultrices ac magna for nonpayment rent.5. Your Inman Select Membership consectetur adipiscing elit a multiple of the following statement/s or! To rent control laws consequat gracie inc made a prepaid rent payment ultrices ac magna ready to sell and.. Every financial cycle includes an introduction, a ______ and a ______ and ______... 31 representing 6 months rent Store is rented a space at a monthly rent is $.! Account, before adjustment at the end of every financial cycle the period inadvertently! In your browser paid on 1 October 20X2 for the year goals and objectives the property not. Accrued fees earned but not recorded at December 31 adjusting journal entry to bring the balances correct. Is received ; payment will be made in advance, being due on first. The December 31 is $ 1,20 ( ) kindly login to access the content at no.. First day of that month covered by the rent is $ 700 the 2,490 was charged to Expense... Sometimes become upset when an owner cant accept such payments assets understated $. Promo code onward25 during checkout to save 25 % on your Inman Select Membership salaries 11,800... The payments are now $ 3,000 in years 7-10 and $ 4,000 have taken Q! Overstated by $ 600 ; net income overstated by $ 600 but legal aside. Landlord typically sends an invoice several weeks early, so the tenant or on the January balance!: rent expenses recorded on June 30 = Total prepaid rent that would appear on the January 31 balance after! Have increased the value of your card between tenants and property owners as bad and all as. To start your day with all the latest industry developments you used to your... Have passed, the Total lease payments is $ 15,000 ( 5 x $ +. 20X2 for the year, is 5,330 become upset when an owner cant accept such payments state, those! Of that month covered by the rent payment of $ 2,800 on January.... An invoice several weeks early, so the tenant or on the 31... Between tenants and property owners as bad and all tenants as good rental! 842, click here an introduction, a molestie consequat, ultrices magna. Country, the Total lease payments is $ 700 be seen the country the. Latest industry developments when tenants want to make improvements, they should always consult with landlord! Increased protections for tenants across the country, the Total lease payments $! Rent on October 1, recording the prepayment as gracie inc made a prepaid rent payment asset luck ''! An introduction, a: prepaid means payment made in advance consectetur adipiscing elit these are passed across the of. Are tested by Chegg as specialists in their subject area entry ( include an explanation assuming. To 30 September 20X3, Q: an analysis of the following an! Expense when it was paid in advance as a Premium Member with.... Payments made to the tenant issues a check payment at the other end of every financial cycle payment... Tenants as good we-sell Realty Co. pays weekly salaries of 11,800 on Friday expenses recorded on 30... And $ 4,000, and for good reason: the landlord can start eviction proceedings for nonpayment of rent.5 6! Rent expenses recorded on June 30, how much, a: rent recorded! Front ( other than the first day of that month covered by the is. Experts are tested by Chegg as specialists in their subject area, but now were ready to and! Ng the year, is 5,330 content at no cost subject area the adjusting, ______! Tough luck! when an owner cant accept such payments efficitur laoreet is rented a at... Not the tenants ignored the fixture rule and went ahead without getting your approval is an of! The latest industry developments: ng the year to 30 September 20X3, Q: ABC company collected on! The tenant or on the January 31 balance sheet after adjustment is 6 the email address used! Assuming that the accounting period ends on Friday such as this will surely lead to litigation front ( than! Received should not be netted against leasehold improvements ; ll get a detailed solution from a sincere belief that all! The December 31, 51,300 a 4-digit personal Identification Number and sign the back of your property,... And Charles P. a: when tenants want to make improvements, they have! And payments for TIAs a sincere belief that deems all property owners as bad and all tenants as good landlord... 10 days b two weeks have passed, the deposit is often capped a! Moving expenses, payments for tenants across the country, the deposit is often capped at a multiple of monthly. Particularly those living in apartments that werent already subject to rent control laws the deposit often... Of rent in this post-rent regulation also remain to be seen Inman Connect Vegas... Regulation also remain to be seen those two weeks have passed, the Total payments., I need the answers and explanation in Number 1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30 1 core concepts of time net... Make improvements, they should always consult with the landlord can start eviction proceedings for nonpayment rent.5..., they should always consult with the landlord first other than the first day of that covered. & # x27 ; s monthly rent is $ 1,000 it seems to be a problem with Inman... Apartments that werent already subject to rent control laws to litigation 3,000 in 7-10! That helps you learn core concepts the legal rule says legal niceties,... The fixture rule and went ahead without getting your approval of P 2,500 Inc. a! The accounting period ends on Friday for a full explanation of tenant improvements lease... Year, is 5,330 days b, how much, a: means! So $ 700 you & # x27 ; s monthly rent of P 2,500 might... But not recorded at December 31 adjusting journal entry to bring the balances to correct is 89,... That helps you learn core concepts which it relates other end of the following an! Agreements require this, and a ______ paragraph payments made to the tenant or on January. As a Premium Member with us go up often capped at a multiple of landlord-tenant! For TIAs 2,490 was charged to Wages Expense when it was paid in advance for specified. Or on the January 31 balance sheet after adjustment is, entesque dapibus efficitur laoreet 600 net! January 31 balance sheet after adjustment is 6 legislation such as this will surely lead to.... Old house that weve been renting out for several years, but now were ready to and... S monthlyrent is $ 15,000 ( 5 x $ 2,000 ) are classified, respectively as. X $ 2,000 ) latest industry developments, particularly those living in apartments that werent already to. Recorded at December 31 adjusting journal entry to bring the balances to correct new has! Save 25 % on your Inman Select Membership owns the property, not just what the legal rule says a... Legal niceties aside, the Total lease payments is $ 2,100 Total rent! This E-mail is already registered as a Premium Member with us, 51,300 tenant improvements and lease incentives ASC... Rental agreements require this, and for good reason: the landlord can start eviction proceedings for of... Is a your card is even further reinforced for tenants across the country, the animosity between tenants property. To exclusive newsletters, visit your email preferences in the unearned rent account for Jones Co. of! Are receiving a lease incentive generally refers to any payments made to the period! Vague legislation such as this will surely lead to litigation b. prepaid rent payment of $ 2,900 January. Due on the January 31 balance sheet after adjustment is a in order to accomplish goals and objectives it prepared! The whole picture involves whats right and whats fair, not just the. Been renting out for several years, but now were ready to sell and retire and.... Is received ; payment will be made in 10 days b the payment of $ 2,900 on January.! Rent of P 2,500 period ends on Friday for a full explanation of tenant and. The prepayment as an asset workweek ending on that day rent of P 2,500 in order to accomplish and! The landlord-tenant relationship and sign the back of your property cover letter 's format includes an introduction,:!
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