Unearned rent had a credit balance on July 31 of 2,700, on July 31 the balance was a [Archive]

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ddoster

Oct 3, 2013, 01:18 PM

Unearned Rent had a credit balance of 2,700 on July 1st, on July 31st the balance was 700, what is the adjusting Journal entry?

pready

Oct 3, 2013, 03:02 PM

The adjusting entry amount will be for the difference between $2,700 and $700.

Your entry will be a debit to Unearned Rent and a credit to Rent Revenue for the difference between $2,700 and $700.