on september 1, your calendar year company rents a machine to another firm for $24,000 a year. if, at year-end, $15,000 has been received and recorded in rent revenue, what adjusting entry do you record at year-end?

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21-10-2022
Business

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on september 1, your calendar year company rents a machine to another firm for $24,000 a year. if, at year-end, $15,000 has been received and recorded in rent revenue, what adjusting entry do you record at year-end?

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rafikiedu05 rafikiedu05 · Answer 1 · 2022-10-25T21:44:18+02:00

Rent revenue 7,000

Unearned rent revenue of 7,000, is the adjusting entry record at year-end.

Sales and earnings are both nicely signs and symptoms for your commercial enterprise, however, they're now not interchangeable terms. each constitutes a crucial manner to apprehend your business. income describes profits generated through company operations, at the same time as income describes net income after deducting costs from income.

In accounting, revenue is the general amount of profits generated with the resource of the sale of goods and offerings related to the primary operations of the agency. commercial enterprise sales can also be referred to as income or as turnover.

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