18.On June 1, 2021, Whipple Corporation received $2,520 in advance for a two-year rental of someland and properly credited Unearned Rent. In the adjusting entry at December 31, 2021, therewould be aa. debit to Unearned Rent for $630b. credit to Rent Revenue for $735С.credit to Unearned Rent for $735d. debit to Unearned Rent for $2,520I

Answered: 18.0n June 1, 2021, Whipple Corporation…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On January 1, 2021 impatient inc. factored its accounts receivable of shs 100000 at a fee of 8%. Under the terms, of agreement, the company received shs 82000 in cash and the rest of the amount was retained by the factor as a security for any bad debts that may rise. Any excess of this security sum over the total bad debts was agreed to be returned by the factor at the end of the accounting period. That is, December 31, 2021. On December 31, 2021 the full amount of security sum was withheld by the factor because the actual bad debts totaled shs 11000 exceeding the security sum. Impatient incl. had already provided allowance for doubtful debts in the factored accounts receivable and a bad debts expense was recognized in the income statement of the year ended December 31, 2020. Required; Pass Journal entries to record the above transactions for Impatient Incl. both under factoring with recourse and factoring without recourse
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Question-based on, "Adjusting entry". I have tried it but incorrect Any help would be appreciated.
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