Adjustment for Unearned Revenue On June 1, 2018, Herbal Co. received $54,630 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2018. Round your answers to the nearest dollar amount. Unearned Rent Dec. 31 Feedback Rent Revenue x Check My Work Set up an Unearned Fees T-account. Recall that the unearned revenue account is decreased (debited) for the amount of the revenue that has been eamed, and the related revenue account is increased (credited). The balance before adjustment will be the normal balance for the unearned liability account. The number given for the end of the year is to be the new balance after adjusting out the revenue earned. What amount is this difference between the pre-adjustment balance and the post-adjustment balance? Complete your adjusting entry by making sure that it affects at least one income statement account and one balance sheet account. Learning Objective 3.