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Lawrence Manufacturing Company's accounting records included the following analysis of transactions related to the collection of $24,000 in rent revenue received on July 15
Lawrence Manufacturing Company's accounting records included the following analysis of transactions related to the collection of $24,000 in rent revenue received on July 15 for the period August 1 through January 30: Stockholders' Equity Rent Assets Dec 15. 24,000 Dec. 31 Liabilities Accounts Unearned Cash Receivable Revenue 24,000 Common Stock + Revenue - Expense Rent Adj.Bal Jones prepares financial statements annually on December 31. The December 31 adjusting entry will decrease Cash and increase Rent Revenue by $4,000. decrease Accounts Receivable Unearned Revenue by $4,000. increase Accounts Receivable and increase Rent Revenue decrease Unearned Revenue and increase Rent Revenue by $20,000.
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