Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac

Exercise 52

A Adjustment for unearned revenue
The balance in the unearned fees account, before adjustment at the end of the year, is $272,500. Journalize the adjusting entry required, assuming the amount of unearned fees at the end of the year is $189,750.
B Adjustment for unearned revenue
On June 1, 2016, Herbal Co. received $18,900 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2016.