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Home > Business & Careers > Accounting   »   Adjusting accounts

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Old Aug 26, 2007, 08:08 AM
happy77
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Adjusting accounts
At the end of year $2,200 of the previously recorded $4,800 Rental Income has not been earned. What is the second account I'm touching (besides Unearned Rental Income.

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Old Aug 26, 2007, 08:37 AM   #2  
happy77
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Accounts receivable/asset. I answered my own question! Let's hope it's right.
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Old Aug 26, 2007, 01:17 PM   #3  
CaptainForest
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I find it best to think through all JE when trying to figure out what the adjustment should be:

The JE that WAS made was:
Dr. Cash/AR 4,800
Cr. Rental Income 4,800

You should have only recorded 2,600

Therefore, you need to:
Dr. Rental Income 2,200
Cr. Unearned Rental Income 2,200

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