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How to post to journal: Dec. 31: The unearned rent represents receipt of 4 months rent...

How to post to journal: Dec. 31: The unearned rent represents receipt of 4 months rent in advance. (November 1,2017 through Feb 28, 2018) Prepare the December adjusting entry. The Trial balance states 16,000.00 of unearned rent revenue.

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Answer #1
Journal Entry:
Particulars Amount Dr. Amount Cr.
31.12.2017 Unearned Rent Revenue Account Dr. 8000
To Rent Revenue Account 8000
(Being Adjustment entry for earned rent passed)
Working Note:
Unearned Rent Revenue 16000
(4 Months Rent Received)
(1.11.2017 till Feb)
Per Month 4000
Year End at Dec 31:
Earned Rent Period 2 Months
(1.11.2017 to 31.12.2017)
Earned Rent Value 8000
(4000*2)
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