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
1
Expert's answer
2014-10-06T10:28:58-0400
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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