12. Leyland Realty Company received a check for $18,000 on July 1, which represents a6-Ma advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full 18,000. Financial statements will be prepared on July 31. Leyland realty should make the following adjusting entry on July 31: Debit Unearned Rent Revenue, $3,000; credit Rent Revenue, $3,000. Debit Rent Revenue, 3,000; credit Unearned Rent Revenue, $3,000. Debit Unearned Rent Revenue, $18,000; credit Rent Revenue, $18,000. Debit Cash, 18,000; credit Rent Revenue, $18,000. a. b. C. d.

12. Leyland Realty Company received a check for $18,000 on July 1, which represents a6-Ma advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full 18,000. Financial statements will be prepared on July 31. Leyland realty should make the following adjusting entry on July 31: Debit Unearned Rent Revenue, $3,000; credit Rent Revenue, $3,000. Debit Rent Revenue, 3,000; credit Unearned Rent Revenue, $3,000. Debit Unearned Rent Revenue, $18,000; credit Rent Revenue, $18,000. Debit Cash, 18,000; credit Rent Revenue, $18,000. a. b. C. d.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 5P

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