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bogdanovich [222]
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 $1

,225. Fragmental collected the entire $9,800 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be: Multiple Choice A debit to Rent Revenue and a credit to Cash for $3,675. A debit to Unearned Rent and a credit to Rent Revenue for $6,125. A debit to Unearned Rent and a credit to Rent Revenue for $3,675. A debit to Cash and a credit to Rent Revenue for $9,800. A debit to Rent Revenue and a credit to Unearned Rent for $3,675.
Business
1 answer:
gayaneshka [121]3 years ago
8 0

Answer:

A debit to Unearned Rent and a credit to Rent Revenue for $3,675.

Explanation:

The year end adjusting entry is as follows

Unearned rent Dr $3,675

       To Rent earned $3,675

(Being the unearned rent is recorded)

The computation is shown below:

= Monthly rate × number of months

= $1,225 × 3 months

= $3,675

The three months is calculated from October 1 to December 31 and the same is to be considered

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