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    angel314's Avatar
    angel314 Posts: 4, Reputation: 1
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    #1

    Feb 23, 2012, 09:28 PM
    General journal entries rent
    On October 1, the company received 6 months' rent in advance from a tenant whose rent is $700 per month. The $4,200 was credited to the unearned rent account. Record the adjustment necessary to recognize three month's rent
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Feb 24, 2012, 12:01 PM
    First you need to take $700 times three months equals $2,100 for three months rent, now you have the amount needed to do the adjusting entry. Your adjusting entry will be:
    Debit Unaerned Rent Revenue for 2,100
    Credit Rent Revenue for 2,100
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