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.

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)

ekkarill92 answered 6 months ago

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