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mastgirl07
Oct 8, 2007, 07:42 AM
on november 1 the company received 6 months rent in advance from a tenant whose rent is 700 per month. the 4200 was credited to th unearned Rent account

1. prepare adjusting entry for year end dec 31
ladykim
Oct 8, 2007, 08:57 AM
on november 1 the company received 6 months rent in advance from a tenant whose rent is 700 per month. the 4200 was credited to th unearned Rent account

1. prepare adjusting entry for year end dec 31
cash 4200
unearned revenue, rent 4200
CaptainForest
Oct 8, 2007, 12:17 PM
ladykim's JE is for Nov 1.

For Dec 31,
Dr. unearned revenue 1400
Cr. revenue 1400