On June 1, 20Y2, Herbal Co. received $47,150 for the rent of land for 12 months....
On June 1, 20Y2, Herbal Co. received $47,150 for the rent of land for 12 months.
Journalize the adjusting entry required for unearned rent on December 31, 20Y2. Round your answers to the nearest dollar amount. If an amount box does not require an entry, leave it blank.
Homework Answers
Solution
| Date | General journal | Debit | Credit |
| Dec-31 | Unearned revenue | $ 27,504 | |
| Rent revenue | $ 27,504 | ||
| (To record rent revenue earned) |
Rent revenue for 7 months is earned till December 31 so out of unearned revenue 7 month's rent is transferred to rent revenue. It is assumed that Unearned revenue was recorded on June 1.
.
Alternate solution
Alternate solution is provided assuming the rent received in advance was recorded as rent revenue. In this cash we need to reduce rent revenue balance to amount equal to actual revenue earned. In order to do that we debit rent revenue and credit unearned revenue.
| Date | General journal | Debit | Credit |
| Dec-31 | Rent revenue | $ 19,646 | |
| Unearned rent revenue | $ 19,646 | ||
| (To record rent revenue earned) |
Add Answer to:
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