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Required information The following information applies to the questions displayed below) Suppose a customer rents a vehicle f
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Answer #1
Working Notes:
CALCULTION OF MONTHLY RENTAL REVENUE
Total Amount Paid $                 3,300
Divide By "/" By
No of Months Payment $                          3
Monthly Rent $                 1,100
Solution:
Journal entry of the same is as below,
Date Account Title Debit Credit
November. 01 Cash                      3,300
         Unearned Revenue                      3,300
November. 30 Unearned Revenue                      1,100
        Rental Revenue                      1,100
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