The following unadjusted amount was reported on Rental Entertainment Corporation's accounting records at December 31,2017:
?
Unearned Subscription Revenue $\quad $ $\quad $ $\quad $$\$ 36,000$ ?
A. Determine the effect on the accounting equation of any adjusting entries necessary at December 31,2017 , for each of the following transactions:

1. During the year, Rental Entertainment sold 12 -month subscriptions for its newly devel oped Internet service. Half of the subscriptions began October 1,2017, while the other half began December 1, 2017.

2. Rental estimates its income taxes to be $30 \%$ of its estimated income of $\$ 60,000$. ?
B. Frepare the Current Liabilities section of Rental's balance sheet by listing any current liabilities and the related amounts as a result of the adjustments in part $\mathrm { A }$.

Question

The following unadjusted amount was reported on Rental Entertainment Corporation's accounting records at December 31,2017:
?
 Unearned Subscription Revenue $\quad $ $\quad $ $\quad $$\$ 36,000$ ?
 A. Determine the effect on the accounting equation of any adjusting entries necessary at December 31,2017 , for each of the following transactions:

1. During the year, Rental Entertainment sold 12 -month subscriptions for its newly devel oped Internet service. Half of the subscriptions began October 1,2017, while the other half began December 1, 2017.

2. Rental estimates its income taxes to be $30 \%$ of its estimated income of $\$ 60,000$. ?
  B. Frepare the Current Liabilities section of Rental's balance sheet by listing any current liabilities and the related amounts as a result of the adjustments in part $\mathrm { A }$.

Quizplus · Accepted Answer

The Answer of The following unadjusted amount was reported on Rental Entertainment Corporation's accounting records at December 31,2017:
?
 Unearned Subscription Revenue $\quad $ $\quad $ $\quad $$\$ 36,000$ ?
 A. Determine the effect on the accounting equation of any adjusting entries necessary at December 31,2017 , for each of the following transactions:

1. During the year, Rental Entertainment sold 12 -month subscriptions for its newly devel oped Internet service. Half of the subscriptions began October 1,2017, while the other half began December 1, 2017.

2. Rental estimates its income taxes to be $30 \%$ of its estimated income of $\$ 60,000$. ?
  B. Frepare the Current Liabilities section of Rental's balance sheet by listing any current liabilities and the related amounts as a result of the adjustments in part $\mathrm { A }$.

The Following Unadjusted Amount Was Reported on Rental Entertainment Corporation's \quad

The Following Unadjusted Amount Was Reported on Rental Entertainment Corporation's $\quad$