Ask Question
23 August, 10:38

The unearned rent account has a balance of $72,000. if $18,000 of the $72,000 is unearned at the end of the accounting period, the amount of the adjusting entry is

+1
Answers (1)
  1. 23 August, 11:30
    0
    An adjusting entry by definition is an accounting journal at the end of an accounting period which adjust income and expenses so that they comply with the accrual basis of accounting.

    In this case, since $18,000 is still unearned, therefore the amount of adjusting entry is:

    Adjusting Entry = Balance - Unearned

    Adjusting Entry = $72,000 - $18,000

    Adjusting Entry = $54,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The unearned rent account has a balance of $72,000. if $18,000 of the $72,000 is unearned at the end of the accounting period, the amount ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers