Saturday, January 3, 2009

Advance Payments Unearned Rent

A Rental Company reported these two different balances in their Unearned Rent account at the beginning and end of 2007:

Jan. 1, 2007 =$2,600
Dec. 31, 2007 = $3,200

If rent revenue for 2007 was $26,300, how much cash was received by the company as advance payments for rent due in 2007?

Answer: $26, 900

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