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Answer to Question #47234 in Other Economics for Felisia

Question #47234
On October 1, 2009, Nautilus Co. received $15,300 for the rent of land for 12 months.
Journalize the adjusting entry required for unearned rent on December 31, 2009
Expert's answer
To find the unearned rent we should calculate the rent for the last 3 month: $15,300x3/12 = $3,825
So, the entry should be: 
Debit 
Unearned Revenue $3,825 
Credit 
Rent Revenue Credit $3,825

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