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20 July, 22:08

Suppose a customer rents a vehicle for three months from commodores rental on november 1, paying $4,050 $1,350/month). Record the adjusting entry.

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  1. 20 July, 22:31
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    Adjusting entry for Rent Revenue:

    It is given that a customer rents a vehicle for three months from Commodores rental on November 1, paying $4,050 ($1,350/month). The adjustment is needed to be made for 2 months period (Nov. 1 to Dec. 31) = 1350*2 = $2,700

    The adjusting entry for Rent Revenue as on Dec. 31 shall be as follows:

    Unearned Rent Revenue Debit $2,700

    Rent Revenue Credit $2,700

    (Being adjustment made for Rent Revenue)
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