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
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
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
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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