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The remaining basement of the store is rented for $2,000 per month to another merchant, M. Carlos, Inc. Carlos sells compatible, but not competitive, merchandise. On November 1 of the current year, the store collected six months' rent in the amount of $12,000 in advance from Carlos; it was credited in full to Unearned Rent Revenue when collected. Note: Enter debits before credits. Transaction General Journal Debit Credit f. Unearned rent revenue Rent revenue​

Sagot :

Tundexi

The entry will include a Debit of Unearned rent revenue and Credit of rent revenue.

What are we preparing?

Here, we are preparing the entry to record the rent revenue in account.

Date   Account titles and Explanation         Debit       Credit

           Unearned rent revenue                     $4,000

           {($12,000 / 6 ) * 2]

                   Rent revenue                                                $4,000

In conclusion, the entry will include a Debit of Unearned rent revenue and Credit of rent revenue.

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