Welcome to the article The unearned rent account has a balance of 45 351 If 4 313 of the 45 351 is unearned at the end of the accounting. On this page, you will learn the essential and logical steps to better understand the topic being discussed. We hope the information provided helps you gain valuable insights and is easy to follow. Let’s begin the discussion!
Answer :
Final answer:
The correct amount for the adjusting entry to reflect the earned rent, from an unearned rent account balance of $45,351 with $4,313 still unearned, is $41,038.
Therefore, the correct answer to the question is: b. $41,038
Explanation:
The student's question involves an adjustment to the unearned rent account at the end of an accounting period. The unearned rent account has a balance of $45,351, and it is given that $4,313 of this amount is still unearned by the end of the period. To reflect the revenue that has been earned during the accounting period, an adjusting entry is required.
The amount of the adjusting entry would be the difference between the total balance in the account and the amount that remains unearned. Therefore:
- Total unearned rent at start: $45,351
- Still unearned at end of period: $4,313
- Adjusting entry required (earned rent): $45,351 - $4,313 = $41,038
So, the correct amount for the adjusting entry that represents the earned portion of the rent is $41,038 (Option b).
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Rewritten by : Brahmana