Question 8 Crane Real Estate received a check for $27540 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 $27540. Financial statements will be prepared on July 31. Crane Real Estate should make the following adjusting entry on July 31: O Debit Unearned Rent Revenue, $27540; Credit Rent Revenue, $24480. O Debit Rent Revenue, $4590; Credit Unearned Rent Revenue, $4590. O Debit Cash, $27540; Credit Rent Revenue, $27540. O Debit Unearned Rent Revenue, $4590; Credit Rent Revenue, $4590.
Question 8 Crane Real Estate received a check for $27540 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 $27540. Financial statements will be prepared on July 31. Crane Real Estate should make the following adjusting entry on July 31: O Debit Unearned Rent Revenue, $27540; Credit Rent Revenue, $24480. O Debit Rent Revenue, $4590; Credit Unearned Rent Revenue, $4590. O Debit Cash, $27540; Credit Rent Revenue, $27540. O Debit Unearned Rent Revenue, $4590; Credit Rent Revenue, $4590.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter3: Accrual Accounting
Section: Chapter Questions
Problem 17CE: Cornerstone Exercise 3-17 Accrued Revenue Adjusting Entries Powers Rental Service had the following...
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