Chase Company rents space to a tenant for $3,700 per month. The tenant currently owes rent for November and December. The tenant has agreed to pay the November, December, and January rents in full on January 15 and has agreed not to fall behind again. The adjusting entry needed on December 31 is:

An electrical design primitive that belongs inside a sheet symbol is called a sheet entry.
It is positioned inside a sheet symbol to indicate the symbol's input and output ports.
The symbol's source schematic sub-sheet is represented by the sheet entries, which correspond to ports placed there.

According to the question:

Since Chase Company's revenue is $3,700, accrued revenue is entered in the receivable account. The Chase Company has accrued the rent for November and December but has not yet received it. The adjustment entry for the two-month expense will be entered on December 31 as follows.

Dr. Rent Receivable ( $3700 x 2) $7,400.

Cr. Rent Earned $7,400.

Note:

The options do not match the question based on the information provided in the question. The following response is created using the information provided.
Since Chase Company's revenue is $4,000, accrued revenue is recorded in the receivable account. The Chase Company has accrued the rent for November and December but has not yet received it. The adjustment entry for the two-month expense will be entered on December 31 as follows.

Dr. Rent Receivable ( $4000 x 2) $8,000.

Cr. Rent Earned $8,000.

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