Question 15 of 25 izlet 20 points Save n1flashcards nall law

Question 15 of 25 izlet 20 points Save n-1-flash-cards/ nall law practice after Laneing Comnpamy received a check for 590,000 on uly 1, which represents a6 month ahance pamemt of rmt on a baildig t renth to a clieet credited for the foll 590,000. Financial sttements wi be peepared on Aaly 31.Lanning shovald male the follwing adnting entry on y st Oadebit Unearmed Rent Revo 515,000, cdn ent Revese $15,000 st change by what O b.debt Reat Revene 515,000, cedit Uaned eat Revemme, 515,000 26,900 And St counting questions a d.delbit Cash, $90,000, adt Ret Revenn $90,000 rs equity increased by d direction during the e in Financial Man sset turnover is Now over the normal operatin Moving to another question will save this response 38 PM

Solution

Answer is a. Debit unearned rent revenue $ 15000 and credit rent revenue $15000. Explanation: Unearned revenue 90000 Period 6 Monthly rent 15000 period expired 1 Rent revenue recognized 15000