Vaughn Manufacturing received cash of $63600 on August 1, 2020 for one year's rent in advance...
Vaughn Manufacturing received cash of $63600 on August 1, 2020
for one year's rent in advance and recorded the transaction with a
credit to Rent Revenue. The December 31, 2020 adjusting entry
is
| debit Unearned Rent Revenue and credit Rent Revenue, $26500. |
| debit Rent Revenue and credit Unearned Rent Revenue, $37100. |
| debit Cash and credit Unearned Rent Revenue, $37100. |
| debit Rent Revenue and credit Unearned Rent Revenue, $26500. |
Homework Answers
rate positively ..
| 12 month rent = | 63600 | |||||
| 7month rent = | 37100 | |||||
| Vaughn need to deffer the rent for 7 month | ||||||
| Adjusting entry will be | ||||||
|
debit Rent Revenue and credit Unearned Rent Revenue, $37100. |
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Vaughn Manufacturing received cash of $63600 on August 1, 2020
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