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Zina [86]
3 years ago
7

Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $9

25. Fragmental collected the entire $7,400 cash on October 1 and recorded it as unearned revenue. The journal entry made by Fragmental Co. at year-end on December 31 would be:
A debit to Cash and a credit to Rent Revenue for $7,400.
A debit to Unearned Rent and a credit to Rent Earned for $4,625.
A debit to Rent Revenue and a credit to Cash for $2,775.
A debit to Rent Revenue and a credit to Unearned Rent for $2,775.
A debit to Unearned Rent and a credit to Rent Earned for $2,775.
Business
1 answer:
notka56 [123]3 years ago
6 0

Answer:

A debit to Unearned Rent and a credit to Rent Earned for $2,775.

Explanation:

Lease period is 8 months beginning from October 1.

Monthly rate = $925

Cash collected = $7,400 (On October 1)

Amount earned between October 1 and December 31 (3 months)

= 3 × $925

= $2,775

Journal entry made by Fragmental Co. at year-end on December 31 would be

Debit Unearned Rent  $2,775

Credit Rent revenue    $2,775

Being entries to recognize earned revenue at December 31

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