0.71 points 2. With respect to rent revenue, provide the joumal entry for the co
ID: 2516176 • Letter: 0
Question
0.71 points 2. With respect to rent revenue, provide the joumal entry for the collection of rent on December 10 and the adjusting entry required on December 31. (0f no entry is required for a transactionvevent, select "No journal entry required" in the first account field.) Journal entry worksheet Required Information The RolWlowing information applies to the questions dispieyed below During its first year of operations. Wainut Company complesed the following two transactions. The annual accounting perlod ends December 31 a. Paid and reconded wages of $146,000 during Year t howeveg, at the end of wear , three days woges are unpaid and have not yet been necorded because Wages for the theee deys are $5,600 that Wolnut rented to another company The rent collected was for 30 days 10 b. Colected rent revenue on December 12 of Year 1 of $2.400 for office space from December 12 of Year 1 to January 10 of Year 2Explanation / Answer
Answer for 2)
Here,it is assumed that rent is received in advance as the closing date of month not yet reached.
unearned rent a/c dr
Date particulars Debit credit December 10 cash a/c dr ×××× To unearned rent ×××× (Being rent received in advance) December 31unearned rent a/c dr
×××× To rent a/c ×××× (Being unearned rent eligible for payment)Related Questions
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