Swifty Corporation received a check for $18240 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $18240. Financial statements will be prepared on July 31. Swifty should make the following adjusting entry on July 31: debit Unearned Rent Revenue, $18240; credit Rent Revenue, $18240. debit Cash, $18240; credit Rent Revenue, $18240. debit Rent Revenue, $3040; credit Unearned Rent Revenue, $3040. debit Unearned Rent Revenue, $3040; credit Rent Revenue, $3040.
Swifty Corporation received a check for $18240 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $18240. Financial statements will be prepared on July 31. Swifty should make the following adjusting entry on July 31: debit Unearned Rent Revenue, $18240; credit Rent Revenue, $18240. debit Cash, $18240; credit Rent Revenue, $18240. debit Rent Revenue, $3040; credit Unearned Rent Revenue, $3040. debit Unearned Rent Revenue, $3040; credit Rent Revenue, $3040.
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
Related questions
Question
Swifty Corporation received a check for $18240 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $18240. Financial statements will be prepared on July 31. Swifty should make the following adjusting entry on July 31:
- debit Unearned Rent Revenue, $18240; credit Rent Revenue,
- $18240. debit Cash, $18240; credit Rent Revenue, $18240.
- debit Rent Revenue, $3040; credit Unearned Rent Revenue, $3040.
- debit Unearned Rent Revenue, $3040; credit Rent Revenue, $3040.
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
