Homework Answers
Solution
| Date | General Journal | Debit | Credit |
| Dec-31 | Rent revenue | $ 11,700.00 | |
| Unearned Rent revenue | $ 11,700.00 | ||
| (To record rent revenue) |
Rent revenue is earned for 4 months only so the rent revenue should have been recorded for 23400 only but since it is over-recorded by 11700. The excess amount is debited and unearned revenue is credited for unearned portion.
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