12. Leyland Realty Company received a check for $18,000 on July 1, which represents a6-Ma advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full 18,000. Financial statements will be prepared on July 31. Leyland realty should make the following adjusting entry on July 31: Debit Unearned Rent Revenue, $3,000; credit Rent Revenue, $3,000. Debit Rent Revenue, 3,000; credit Unearned Rent Revenue, $3,000. Debit Unearned Rent Revenue, $18,000; credit Rent Revenue, $18,000. Debit Cash, 18,000; credit Rent Revenue, $18,000. a. b. C. d.

12. Leyland Realty Company received a check for $18,000 on July 1, which represents a6-Ma advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full 18,000. Financial statements will be prepared on July 31. Leyland realty should make the following adjusting entry on July 31: Debit Unearned Rent Revenue, $3,000; credit Rent Revenue, $3,000. Debit Rent Revenue, 3,000; credit Unearned Rent Revenue, $3,000. Debit Unearned Rent Revenue, $18,000; credit Rent Revenue, $18,000. Debit Cash, 18,000; credit Rent Revenue, $18,000. a. b. C. d.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 6EB: On September 1, a company received an advance rental payment of $12,000, to cover six months rent on...

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On September 1, a company received an advance rental payment of $12,000, to cover six months rent on an office building. There was no beginning balance in the Unearned Rent account for the period. Based on the information provided, A. Make the December 31 adjusting journal entry to bring the balances to correct. B. Show the impact that these transactions had.
Assume that a lawyer bills her clients $15000 on June 30, for services rendered during June. The lawyer collects $8500 of the billings during July and the remainder in August. Under the accrual basis of accounting, when would the lawyer record the revenue for the fees? A. June, $15,000; July, $0; and August, $0 B. June, $0; July, $6,500; and August, $8,500 C. June, $8,500; July, $6,500; and August, $0 D. June, $0; July, $8,500; and August, $6,500
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