34. Unearned rent: Balance beginning of the year P11,000 Balance end of year 15,000 Warehouse quarterly rent received in advance is P18,000. During the year, equipment was rented to another company at an annual rent of P9,000. The quarterly rent payments were credited to Rent Income; the annual equipment rental was credited to Unearned Rent. What is the appropriate adjusting entry? a. Debit Rent Income and credit Unearned Rent, P4,000 b. Debit Unearned Rent and credit Rent Income P4,000 c. Debit Rent Income and credit Unearned Rent, P5,000 d. Debit Unearned Rent and credit Rent Income P5,000

34. Unearned rent: Balance beginning of the year P11,000 Balance end of year 15,000 Warehouse quarterly rent received in advance is P18,000. During the year, equipment was rented to another company at an annual rent of P9,000. The quarterly rent payments were credited to Rent Income; the annual equipment rental was credited to Unearned Rent. What is the appropriate adjusting entry? a. Debit Rent Income and credit Unearned Rent, P4,000 b. Debit Unearned Rent and credit Rent Income P4,000 c. Debit Rent Income and credit Unearned Rent, P5,000 d. Debit Unearned Rent and credit Rent Income P5,000

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Description: 34. Unearned rent: Balance beginning of the year P11,000 Balance end of year 15,000Warehouse quarterly rent received in advance is P18,000. During the year, equipment was rented to another co

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 8DQ

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