Started a new building lease in April 2017 and received free rent for 7 months through Oct 2017. Even though the books were on accrual basis accounting, we were not recording straightline rent against Deferred Rent Liability those 7 months. If we had, I would see a $77k Deferred Rent Liability balance on the balance sheet based on the schedule I created. So, my question is, in order to establish that liability balance, should I simply record a JE to debit Retained Earnings and credit Deferred Rent Liability for that $77k at 1/1/18? Then I'll go back and record the payments since Nov 2017 to Deferred Rent Liability?