ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 42 Rent Revenue 13 Supplies 14 Prepaid Insurance EXPENSES 15 Land 51 Advertising Expense 16 Equipment 52 Insurance Expense 17 Accumulated Depreciation-Equipment 53 Rent Expense 54 Salary Expense LIABILITIES 55 Supplies Expense 21 Accounts Payable 56 Utilities Expense 22 Unearned Rent 57 Depreciation Expense 23 Salaries Payable 59 Miscellaneous Expense 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends On June 1, 2018, Herbal Co. received $22,600 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2018. Refer to the Chart of Accounts for exact wording of account titles. Journalize the adjusting entry required for unearned rent on December 31, 2018. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 3 Adjustment for Accrued Revenues At the end of the current year, $12,000 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees. Accounts Receivable 23,570 X Fees Earned 23,570