Today is April 1 st X1 and we are collecting the rents due for the 2 nd quarter of the year: €30,000. What entry should we post on the journal on May 31 st X1? supposing the company does monthly accounting?

Question

Today is April 1 st  X1 and we are collecting the rents due for the 2 nd  quarter of the year: €30,000. What entry should we post on the journal on May 31 st  X1? supposing the company does monthly accounting?

Accepted Answer

We will debit Deferred income (485) by €10,000 and we will credit Income from rentals (752) by 10,000

Answer

We will debit Cash in banks (572) by €10,000 and we will credit Deferred income (485) by €10,000

Answer

None of the other options is correct

Answer

We will debit Cash in banks (572) by €30,000 and credit Deferred income (485) by €30,000

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Today is April 1 st X1 and we are collecting the rents due for the 2 nd quarte...

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