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7nadin3 [17]
3 years ago
13

XYZ Company received $18,000 on April 1, 2020 for one year's rent in advance and recorded the transaction with a credit to a nom

inal account. The December 31, 2020 adjusting entry is
Business
1 answer:
djverab [1.8K]3 years ago
7 0

Answer:

Dr Rent revenue

Cr Unearned rent revenue, $4,500

Explanation:

Preparation of XYZ Company Journal entry

Since we were told that the Company received the amount of $18,000 on April 1, 2020 for a one year's rent paid in advance in which the transaction has a credit to a nominal account, this means we have to record the transaction by Debiting Rent revenue with 4,500 and Crediting Unearned rent revenue, with the same amount of $4,500 calculated as

(3/12 x $18,000 ).

Dr Rent revenue

Cr Unearned rent revenue, $4,500

(3/12 x $18,000 )

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