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The following two events occurred for Tanger Co. on October 31, 2011, the end of its fiscal year. |
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a. |
Tanger rents a building from its owner for $3,300 per month. By a prearrangement, the company delayed paying October’s rent until November 5. On this date, the company paid the rent for both October and November. |
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b. |
Tanger rents space in a building it owns to a tenant for $700 per month. By prearrangement, the tenant delayed paying the October rent until November 8. On this date, the tenant paid the rent for both October and November. |