34. Unearned rent: Balance beginning of the year P11,000 Balance end of year 15,000 Warehouse quarterly rent received in advance is P18,000. During the year, equipment was rented to another company at an annual rent of P9,000. The quarterly rent payments were credited to Rent Income; the annual equipment rental was credited to Unearned Rent. What is the appropriate adjusting entry? a. Debit Rent Income and credit Unearned Rent, P4,000 b. Debit Unearned Rent and credit Rent Income P4,000 c. Debit Rent Income and credit Unearned Rent, P5,000 d. Debit Unearned Rent and credit Rent Income P5,000
34. Unearned rent: Balance beginning of the year P11,000 Balance end of year 15,000 Warehouse quarterly rent received in advance is P18,000. During the year, equipment was rented to another company at an annual rent of P9,000. The quarterly rent payments were credited to Rent Income; the annual equipment rental was credited to Unearned Rent. What is the appropriate adjusting entry? a. Debit Rent Income and credit Unearned Rent, P4,000 b. Debit Unearned Rent and credit Rent Income P4,000 c. Debit Rent Income and credit Unearned Rent, P5,000 d. Debit Unearned Rent and credit Rent Income P5,000
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter3: Basic Accounting Systems: Accrual Basis
Section: Chapter Questions
Problem 5SEQ: The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co....
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34. Unearned rent:
Balance beginning of the year P11,000
Balance end of year 15,000
Warehouse quarterly rent received in advance is P18,000. During the year, equipment was rented to another company at an annual rent of P9,000. The quarterly rent payments were credited to Rent Income; the annual equipment rental was credited to Unearned Rent. What is the appropriateadjusting entry ?
Balance beginning of the year P11,000
Balance end of year 15,000
Warehouse quarterly rent received in advance is P18,000. During the year, equipment was rented to another company at an annual rent of P9,000. The quarterly rent payments were credited to Rent Income; the annual equipment rental was credited to Unearned Rent. What is the appropriate
a. Debit Rent Income and credit Unearned Rent, P4,000
b. Debit Unearned Rent and credit Rent Income P4,000
c. Debit Rent Income and credit Unearned Rent, P5,000
d. Debit Unearned Rent and credit Rent Income P5,000
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