Answer to Question #47234 in Other Economics for Felisia
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
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:
Unearned Revenue $3,825
Rent Revenue Credit $3,825