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The adjusting entry for rent earned that is currently recorded in the unread rent account is:?
a. unread rent, debit; rent revenue, credit
b. rent revenue, debit; unread rent, credit
c. unread rent, debit; Income Summary, credit
d. rent expense, debit; unearned rent, credit
2 Answers
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- Anonymous1 decade agoFavorite Answer
A is correct
- 1 decade ago
I think A
Unearned rent is a liability ( you accounted for money not actually earned or taken in yet). So, now that it has occured, reverse the liability (debit) and credit your revenue.
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