13. The unearned rent account has a balance of $60,000. If $4,000 of the $60,000 is...
13. The unearned rent account has a balance of $60,000. If $4,000 of the $60,000 is unearned at the end of the accounting period, the amount of the adjusting entry is: a. $60,000. b. $4,000. c. $56,000. d. $64,000.
Homework Answers
| The amount of the adjusting entry is $56000 (60000-4000) |
| $56000 of rent earned will be used as amount in adjusting entry. |
| The adjusting entry will debit Unearned rent account and credit Rent revenue by $56000 |
| Option C is correct |
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