Mullins Real Estate received a check for A30,000 on July 1 which represents a 6-month advance payment
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Question:
Mullins Real Estate received a check for A£30,000 on July 1 which represents a 6-month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full £30,000. Financial statements will be prepared on July 31.
Muilins Real Estate should make the following adjusting entry on July 31 Debit Unearned Rent Revenue,
A£ 5,000; Credit Rent Revenue, A£5,000 Debit Rent Revenue,
A£ 5,000; Credit Uneared Rent Revenue, ACS 000 Debit Unearned Rent Revenue,
A£ 30,000, Credit Rent Revenue, C30,000 Debit Cash,
A£ 30,000, Credit Rent Revenue, AC70,000
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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