Question

The unearned rent account has a balance of $73,210. If $19,230 of the $73,210 is unearned at the end of the accounting period, the amount of the adjusting entry is

Answer 1

$53,980

Step-by-step explanation:

Calculation for what the amount of the adjusting entry is:

Using this formula

Adjusting Entry Amount= Beginning Balance − Ending Balance

Let plug in the formula

Adjusting Entry Amount=$73,210-$19,230

Adjusting Entry Amount=$53,980

Therefore the amount of the adjusting entry is: $53,980