Unearned Rent Revenue $451,590. The company began subleasing office space in its new building on November 1. At December 31, the company had the following rental contracts that are paid in full for the entire term of the lease.
Date Term(in months) Monthly rent # of leases
Nov1 6 6,000 5
Dec1 6 8,500 4
Preapaid advertising 13,200. This balance consists of payments ontwo advertising contracts. The contracts provide for monthlyadvertising in two trade magazines. The terms of the contracts are asshown below.
contract date amount # of magazines issues
A650 May 1 6,000 12
B974 Oct 1 7,200 24
Notes payable 60,000. This balance consists of a note for one year a tan annual interest rate of 12% dated June 1.
Required:
Journalize the entries.
Answers: 3
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Unearned Rent Revenue $451,590. The company began subleasing office space in its new building on Nov...
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