On November 1, 2022, Gordon Company collected $9,660 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on April 30, 2023, at which time the contract may be renewed. c. Suppose the advance collection received on November 1, 2022, covered an 24-month lease period at the same amount of rent per month. How should Gordon Company report the unearned rent amount on its December 31, 2022, balance sheet?

On November 1, 2022, Gordon Company collected $9,660 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on April 30, 2023, at which time the contract may be renewed. c. Suppose the advance collection received on November 1, 2022, covered an 24-month lease period at the same amount of rent per month. How should Gordon Company report the unearned rent amount on its December 31, 2022, balance sheet?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter11: Notes, Bonds, And Leases

Section: Chapter Questions

Problem 9Q

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