Answer:
Entry for Bryant company mistake:
Debit Credit
Rent Revenue $36,600
Advance Rent $36,600
Entry for recording rent revenue for the month of November:
Debit Credit
Advance Rent $6,100
(36,600/6)
Rent Revenue $6,100
Step-by-step explanation:
The journal entry which should have been recorded by the Bryant Company on receipt of rent on November 1 should have been following:
Debit Credit
Cash $36,600
Advance Rent $36,600
But the Bryant company has recorded the following entry on November 1 instead of above mentioned correct entry:
Debit Credit
Cash $36,600
Rent Revenue $36,600
On November 31, the following two journal entries shall be recorded in the accounts of the Bryant Company in order to correct the earlier wrong entry made by the Bryant company and to record the rent income entry for the month of the November.
Entry for Bryant company mistake:
Debit Credit
Rent Revenue $36,600
Advance Rent $36,600
Entry for recording rent revenue for the month of November:
Debit Credit
Advance Rent $6,100
(36,600/6)
Rent Revenue $6,100