Bay Meadows Real Estate collected rentals of $420,000 during the year.The beginning balance in its rent receivable account was $50,000 and its ending balance was $45,000.The beginning balance in unearned rent revenue was $25,000,and the ending balance was $15,000.What was total rent revenue for the year?

Question

Quizplus · Accepted Answer

Total rent revenue can be calculated as:
Rent revenue collected + beginning rent receivable balance - ending rent receivable balance - beginning unearned rent revenue balance + ending unearned rent revenue balance
$420,000 + $50,000 - $45,000 - $25,000 + $15,000 = $415,000
Therefore, the total rent revenue for the year was $415,000, which is option B.

Bay Meadows Real Estate Collected Rentals of $420,000 During the Year.The