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melomori [17]
4 years ago
13

Suppose a customer rents a vehicle for three months from commodores rental on november 1, paying $4,050 $1,350/month). Record th

e adjusting entry.
Business
1 answer:
Salsk061 [2.6K]4 years ago
7 0

<u>Adjusting entry for Rent Revenue:</u>

It is given that a customer rents a vehicle for three months from Commodores rental on November 1, paying $4,050 ($1,350/month). The adjustment is needed to be made for 2 months period (Nov. 1 to Dec. 31)= 1350*2 = $2,700


The adjusting entry for Rent Revenue as on Dec. 31 shall be as follows:

Unearned Rent Revenue  Debit $2,700

Rent Revenue                   Credit             $2,700

(Being adjustment made for Rent Revenue)





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