Question

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 d. unearned revenue rent revenue

Explanation:

Step1: Determine monthly rent revenue

The rent is $1,650 per month.

Step2: Calculate rent revenue for the period

From November 1 to the end - of - the accounting period (assuming it's the end of the year, 2 months have passed: November and December). So the rent revenue = $1,650×2 = $3,300.

Step3: Make the adjusting entry

We need to debit the Unearned Revenue account (to reduce the liability) and credit the Rent Revenue account (to recognize the earned revenue). The amount of the adjusting entry is $3,300.

Answer:

Transaction	General Journal	Debit	Credit
	Rent revenue		$3,300