Question

Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $6,000 ($2,000/month).
(1) Record the rental for Commodores on November 1.
(2) Record the adjusting entry on December 31.
(3) Calculate the year-end adjusted balances of the Unearned Revenue and Service Revenue accounts (assuming the balance of Unearned Revenue at the beginning of the year is $0).



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  • CreatedJuly 15, 2014
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