If I have $3,000 check that was received 2 months ago for rent. This was for 6 months rent beginning the day the check was received. So therefore, I recorded this amount of the check as a liability account titled unearned rent. So for me to adjust this entry at the end of the year it would look like this:

Unearned Rent Debit $3,000
Rent Expense Credit $3,000

Am I correct. If not explain

Thanks

In recognizing revenue that was onced recorded as deferred revenue, you should debit the liability account and the credit the income account.

In your journal entry, your debit account is correct but your credit isn't.

So my credit will be the amount received from the rent. Credit 1,000?




In recognizing revenue that was onced recorded as deferred revenue, you should debit the liability account and the credit the income account.

In your journal entry, your debit is correct but your credit isn't.


So my credit will be the amount received from the rent. Credit 1,000?

The problem is the account title you credited. It should be an income or revenue account.

And yes; assuming that the check was received 2 months berofe the yearend, then the amount should be $1,000.