Question

In: Accounting

Create a journal entry for the following question: X is renting out one room to Y...

Create a journal entry for the following question:

X is renting out one room to Y for $300 each month. On September 29th, 2019 Y paid for the rent from October through December 2019. At the end of the year, Y pays for another 2months from January 1, 2020 to February 2021.

Solutions

Expert Solution

Journal entries are as follows:

Date Account and Explanation Debit($) Credit
Sept. 29th, 2019 Cash ($300 * 3)         900
            Rent received in advance          900
(Recorded the rent received in advance)
  Dec. 31st, 2019 Rent received in advance             900
                  Rent Income          900
(Recorded the Rent Income)
Dec. 31st, 2019 Cash ($300 * 2)            600
            Rent received in advance          600
( Recorded the rent received in advance)

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