Wright Ltd has received a $30,000 payment for rental property to be rented in three months time.

What are the journal entries in the accounting information system of Wright Ltd?

Question

Wright Ltd has received a $30,000 payment for rental property to be rented in three months time.  
 
 What are the journal entries in the accounting information system of Wright Ltd?

Accepted Answer

DR             Cash              $30,000 
          CR             Unearned rent revenue        $30,000

Answer

DR             Accounts receivable              $30,000 
          CR             Sales revenue                            $30,000

Answer

DR             Cash              $30,000 
          CR             Sales revenue        $30,000

Answer

DR             Prepaid rent              $30,000 
          CR             Sales revenue                 $30,000

Crowdly

Wright Ltd has received a $30,000 payment for rental property to be rented in th...

Want instant access to all verified answers on moodle.telt.unsw.edu.au?