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Sagot :
a. To Record the deferral and the related December 31, Year 2, adjustment for Stokes Company in the accounting equation.
Stokes Company accounting equation.
Events Assets=Liabilities+ Stockholder's Equity
Cash =Unearned Revenue+Common stock+Retained earnings
Received rent $4,800=$4,800 - -( 12 months)
Received rent - ($1,200) - ($1,200)(3 months)
($4,800×3/12)
b. Record the deferral and the related December 31, Year 2, adjustment for Eastport Rentals in the accounting equation.
Eastport Rentals accounting equation
Events Assets=Liabilities+ Stockholder's Equity
Cash =Unearned Revenue+Common stock+Retained earnings
Received rent $4,800=$4,800 - -( 12 months)
Received rent - ($1,200) - ($1,200)(3 months)
($4,800×3/12)
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