Please Show your work Adjusting Entry exercise 31 2013 for t

Please Show your work!

Adjusting Entry exercise 31, 2013, for the Falwell Company for each of the Prepare the necessary adjusting entries at December following situations. Assume that no financial statements were prepared during the year a adjusting entries were recorded nd no On December 1, 2013, the company received $3,000 in cash from another company that is renting office space in Falwell\'s building. The payment, representing unearned rent revenue. rent for December and January, was credited to

Solution

Adjussting entry :

Date	accounts & explanation	debit	credit
Dec 31,2013	Unearned rent revenue (3000/2)	1500
	Rent revenue		1500
	(To record adjusting entry)