On August 1, 20Y1, Newhouse Co. received $39,110 for the rent of land for 12 months. Journalize the adjusting entry required for

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On August 1, 20Y1, Newhouse Co. received $39,110 for the rent of land for 12 months. Journalize the adjusting entry required for

unearned rent on December 31, 20Y1. Round your final answer to the nearest dollar amount. If an amount box does not require an entry, leave it blank.

Business

1 answer:

Marta_Voda [28] · Answer 1 · 2022-11-16T14:58:28+03:00

The adjusting entry required for unearned rent on December 31, 20Y1 is: Debit Unearned rental revenue $16,296;Credit Rental revenue $16,296.

<h3 /><h3>Unearned rent</h3>

Based on the information given the appropriate adjusting entry required for unearned rent on December 31, 20Y1 is:

31 December

Debit Unearned rental revenue $16,296

Credit Rental revenue $16,296

($39,110×5/12)

(To record unearned rent)

Inconclusion the adjusting entry required for unearned rent on December 31, 20Y1 is: Debit Unearned rental revenue $16,296;Credit Rental revenue $16,296.

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