Adjustment for Unearned Revenue On June 1, 2019, Herbal Co. received $32,430 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2019. Round your answer to the nearest dollar amount. Rent Earned x 13,513.50 Unearned Fees x 13,513.50 x Feedback Check My Work Set up an Unearned Rent T-account. The monthly rent income can be determined by dividing the total received by the number of months. Then determine how much was earned and how much has not been earned by calculating the number of months between June 1 and December 31. Complete your adjusting entry using the amount earned by making sure that the entry affects at least one income statement account and one balance sheet account. Adjustment for Prepaid Expense The supplies account had a beginning balance of $6,540 and was debited for $3,600 for supplies purchased during the year. Journalize the adjusting entry required at the end of the year, assuming the amount of supplies on hand is $2,130