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    michelle07's Avatar
    michelle07 Posts: 1, Reputation: 1
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    #1

    Dec 4, 2006, 10:08 PM
    Unearned Rent
    I NEED HELP


    I have a problem that I am doing for my accounting class. I am trouble with adjusting the unearned rent and rent revenue.

    In the trial balance ledger: unearned rent 1,200

    Adjustment was : the unearned rent on Dec. 31 was 400

    How do I calculate this for the work sheet?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Dec 5, 2006, 03:20 PM
    If you have 1,200 of unearned rent at the beginning and now at the end of the year you only have $400 left, that means that you USED (1,200-400) $800 worth of rent.

    Dr. Rent Expense 800
    Cr. Unearned Rent 800
    LUNAGODDESS's Avatar
    LUNAGODDESS Posts: 467, Reputation: 40
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    #3

    Dec 5, 2006, 03:40 PM
    Here is another suggestion:

    Unearned rent, is an liability and is recognized when recording a deposit received by a landlord renting an apartment to a student. Prepaid and unearned rent and security are recoverable by the tenant
    Below are websites on how a work sheet should be presented using Microsoft software. The information is an example and does not reflect the answer but, how to get the answer.

    [url]http://www.johnwiley.com.au/highered/accounting/faia5e/student-res/workedproblems/Ch_004_FAIA_5e.pdf[/url

    Hope this is helpful.
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