On October 1, Goodwell Company rented warehouse space to a tenant for $2,500 per month and...
On October 1, Goodwell Company rented warehouse space to a tenant for $2,500 per month and received $12,500 for five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting period ends on December 31. The Unearned Rent account balance at the end of December, after adjustment, should be:
Multiple Choice
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$12,500.
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$5,000.
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$2,500.
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$7,500.
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$10,000.
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Question 13 of 25 Total13 of
Homework Answers
Correct answer-----------$5000
Working
| Unearned rent balance on Oct 1 | $ 12,500.00 |
| Less: Rent earned for 3 months @2500 per month (2500 x 3) | $ (7,500.00) |
| Balance in Unearned rent as on December 31 | $ 5,000.00 |
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On October 1, Goodwell Company rented warehouse space to a
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