Homework Answers
Adjusting entries:
| Date | Account title and explanation | Debit | Credit |
| Dec.31 | Unearned Revenue | $3,600 | |
| Adj.(a) | Service revenue | $3,600 | |
| [To adjust revenue earned] | |||
| Dec.31 | Rent expense | $150 | |
| Adj.(b) | Prepaid rent | $150 | |
| [To adjust rent expense] |
Calculations:
Adj. a:
Revenue earned = Unadjusted balance of 'Unearned revenue' - Balance at Dec.31 of 'Unearned revenue'
Revenue earned = $5,200 - $1,600
Revenue earned = $3,600
Adj. b:
Rent expense = Unadjusted balance of 'Prepaid rent' - Balance at Dec.31 of 'Prepaid rent'
Rent expense = $1,850 - $1,700
Rent expense = $150
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