BUSINESS HIGH SCHOOL

Pappy Corporation received cash of $36,000 on September 1,2017 for one year's rent in advance and recorded the transaction with a credit to Unearned Rent December 31, 2017 adjusting entry isdebit Rent Revenue and credit Unearned Rent Revenue, $12,000.
debit Rent Revenue and credit Unearned Rent Revenue, $24,000.
debit Unearned Rent Revenue and credit Rent Revenue, $12,000.
debit Cash and credit Unearned Rent Revenue, $24,000

Answers

Answer 1
Answer:

Answer:

debit Unearned Rent Revenue and credit Rent Revenue, $12,000.

Explanation:

Provided information we have,

Rent is received on 1 September 2017 for a period of 1 year on which it is accounted as Unearned Rent amounting $36,000.

Entry on that date would be

Cash A/c Dr.                  $36,000

To Unearned Rent                        $36,000

At the end of the year on 31 December 2017, we have period of current year lapsed = 1 September to 31 December = 4 months.

Thus rent income for the year = $36,000 * (4)/(12) = $12,000

Therefore this rent of $12,000 will be recognized as rent income for the year 2017.

Entry will be

Unearned Rent A/c Dr.            $12,000

          To Rent Revenue                         $12,000
Answer 2
Answer:

Final answer:

At the end of the year, Pappy Corporation should debit Unearned Rent Revenue and credit Rent Revenue by $12,000 as part of an adjusting entry to reflect 4 months of earned rent. The remainder stays in Unearned Rent until it's earned in the following year.

Explanation:

The transaction from September 1, 2017, where Pappy Corporation received cash of $36,000 for one full year's rent in advance, is recorded with a credit to Unearned Rent. The Unearned Rent is a liability account which shows that Pappy Corporation has an obligation to provide the rent space in the future. At the end of the year, December 31, 2017, an adjusting entry should be made to transfer a third of the rent payment ($12,000) from the Unearned Rent account to the Rent Revenue account as by this time four months of rent have been earned. Hence, the accurate adjusting entry is debit Unearned Rent Revenue and credit Rent Revenue, $12,000. The remaining $24,000 stays in the Unearned Rent account until it is earned in the following year.

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Answers

Answer:

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Answers

Answer:

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