Ask Question
BusinessBusiness
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.

+3
Answers (1)
  1. 20 July, 22:31
    0
    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)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Suppose a customer rents a vehicle for three months from commodores rental on november 1, paying $4,050 $1,350/month). Record the adjusting ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Which of the following indicates at least two accounts are affected by a transaction? Normal balance Debits Credits Double-entry system
Answers (1)
Giving a client an inducement to a sale not stated in the policy is an unlawful practice known as
Answers (1)
Ian participates in a 401 (k) plan at work. For every $1 Ian contributes to the plan, his employer adds 50 cents. Employer contributions end after employees contribute $2,500 to the plan. Last year, Ian contributed $75 to his plan each week.
Answers (1)
What would happen to sharecroppers who could not pay their debts to landowners?
Answers (1)
A 22-year old, unmarried, new customer contacts you, explaining that he just inherited $10,000,000 and wishes to invest the money aggressively to produce superior returns.
Answers (1)
New Questions in Business
What are the order of in which management can take legal action against a employee
Answers (1)
What best describes an entrepreneur? a. Someone who initiates and assumes the financial risk of a new business enterprise. b. A person who knows how to evaluate which stocks to purchase. c. Someone who can expertly manage other people's investments.
Answers (1)
JRN Enterprises just announced that it plans to cut its dividend from $3.50 to $2.50 per share and use the extra funds to expand its operations.
Answers (1)
Sykora, Inc., which uses a predetermined overhead rate based on direct labor hours, estimated total overhead for the year to be $12,000,000 and total direct labor hours to be 320,000 hours. Calculate Sykora's predetermined overhead rate.
Answers (1)
Appalachian mountain goods has paid increasing dividends of $.10, $.12, $.15, and $.20 a share over the past four years, respectively.
Answers (1)
Home » Business » 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.
Sign Up Forgot Password?