Homework Answers
Answer
$ 8,000
Explanation -
Amount received from customers = $ 12,000
( On 1 September )
Unearned revenue on 31st December =
From 1 September to 31st December = 4 months
Unearned revenue = 12 - 4 = 8 months
Unearned revenue =
$ 12000 * 8 / 12 = $ 8,000
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for one year's rent in advance and recorded the transaction with a
credit to Rent Revenue. The December 31, 2020 adjusting entry
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debit Unearned Rent Revenue and credit Rent Revenue,
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debit Rent Revenue and credit Unearned Rent Revenue,
$37100.
debit Cash and credit Unearned Rent Revenue, $37100.
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