Rent was received for 13 months, R26 000.
The account should be adjusted at year-end. Chooce the correct year-end journal entry from the above give transaction.
Debit Income received in advance with R2 000 and credit Rent income with R2 000.
Debit Rent income with R2 000 and credit Income received in advance with R2000.
Debit Rent income with R26 000 and credit Income received in advance. with R26 000.
Debit Rent income with R24 000 and credit Income received in advance. with R24 000.