LaBouche Corporation owns a warehouse. On November 1, it rented storage space to

Question

LaBouche Corporation owns a warehouse. On November 1, it rented storage space to a lessee (tenant) for 3 months for a total cash payment of $2,400 received in advance. Prepare LaBouche’s November 1 journal entry and the December 31 annual adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Explanation / Answer

Ans: Journal Entry Date Particular Dr. Cr. 1st nov Cash A/c Dr. $2400                to Revenue A/c $800                to Unearned revenue A/c $1600 Dec Unearned revenue A/c Dr. $800              to Revenue A/c $800

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