Question
Asked Sep 15, 2019
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On June 1, 2019, Herbal Co. received $30,490 for the rent of land for 12 months.

Journalize the adjusting entry required for unearned rent on December 31, 2019. Round your answer to the nearest dollar amount.

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Expert Answer

Step 1

When cash is received, cash is debited as cash is a real account and since it comes into the business, it needs to be debited. When rent is received in advance, it becomes an obligation on the business to provide rental serv...

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