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Pfister, Co. leases an office to a tenant at the rate of $5,000 per month. The tenant contacted Pfister and arranged to pay the rent for December 2004 on January 8, 2005. Pfister agrees to this arrangement.

Pfister, Co. leases an office to a tenant at the rate of $5,000 per month. The tenant contacted Pfister and arranged to pay the rent for December 2004 on January 8, 2005. Pfister agrees to this arrangement.

a.) Prepare the journal entry that Pfister must make at December 31, 2004 to record the accrued rent revenue
b.) Prepare the journal entry to record the receipt of the rent on January 8, 2005