Its for an adjusted Trial Balance Ending August 31st. The question I am working on is: on August 23, a local business contracted with (your business) to rent one of the cottages for 6 months, starting October 1st, at a rate of 1500 per month. An advance payment equal to 2 months rent was received on August 31st and credited to Rent Revenue. So my question is, what do I debit?

This is for an adjusted trial balance sheet ending August 31st. The question is: the mortgage interest rate is 7%. Interest has been paid to July 31st; the next payment is due September 1st.

What do I debit and credit?

Its for an adjusted Trial Balance Ending August 31st. The question I am working on is: on August 23, a local business contracted with (your business) to rent one of the cottages for 6 months, starting October 1st, at a rate of 1500 per month. An advance payment equal to 2 months rent was received on August 31 and credited to Rent Revenue.

So I know rent revenue is the credit. But what do I use for the debit? Do I use cash or unearned rent revenue?

The question is for an adjusted trial balance ending August 31st, and the question is: the mortgage interest rate is 7%. Interest has been paid to July 31; the next payment is due September 1.

I know Interest Expense is the Debit. But is it mortgage payable or cash as the credit.

Its for an adjusted Trial Balance Ending August 31st. The question I am working on is: on August 23, a local business contracted with (your business) to rent one of the cottages for 6 months, starting October 1st, at a rate of 1500 per month. An advance payment equal to 2 months rent was received on August 31 and credited to Rent Revenue.

So I know rent revenue is the credit. But what do I use for the debit? Do I use cash or unearned rent revenue?

Threads merged. Please don't ask the same question more than once.

Your Debit is to Cash because you received an advance payment, which means that you received Cash.

Your Credit is to Unearned Revenue because you received an advance payment, which means that you have not yet earned the revenue.

When the revenue is earned the journal entry will be:
Debit Unearned Revenue for the amount earned
Credit Earned Revenue for the amount earned.

For your mortgage interest you will need to calculate 1 month of mortgage interest, then the journal entry will be:

Debit Interest Expense for the amount
Credit Interest Payable for the amount.