Question

journal entry worksheet
on november 1, the company received $9,900 cash for 6 months rent in advance from a tenant whose rent is $1,650 per month starting november 1. the $9,900 was credited to the unearned revenue account on november 1. no adjustments were made after november 1.
note: enter debits before credits.
transaction general journal debit credit
a

Explanation:

Step1: Identify the accounting principle

Unearned revenue is a liability when received in advance. As time passes, it is recognized as revenue.

Step2: Determine the monthly revenue amount

The monthly rent is $1,650.

Step3: Calculate the revenue to be recognized

Since one - month has passed (from November 1 to November 30), the revenue to be recognized is $1,650.

Step4: Make the adjusting journal entry

Debit the Unearned Revenue account (to reduce the liability) and credit the Rent Revenue account (to recognize the revenue).

Answer:

Transaction	General Journal	Debit	Credit
	Rent Revenue		$1,650