Adjustment for Unearned Revenue On June 1, 20Y2, Monarch Co. received $30,250 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 20Y2. Assume no previous adjustment has been made to Unearned Revenue during the year. Round your answers to the nearest dollar amount. If an amount box does not require an entry, leave it blank. Dec. 31 Unearned Rent 17,708 X Rent Revenue 17,708 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.