Green Realty Company received a check for $24000 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $30000.
Green Realty Company received a check for $24000 on July 1 which represents
a 6 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $30000. Financial statements will be prepared on July 31. Green Realty should make the following adjusting entry on July 31:
A)debit Unearned Rent Revenue, $4000; credit Rent Revenue, $4000.
B)debit Rent Revenue, $4000; credit Unearned Rent Revenue, $4000.
C)debit Cash, $24000; credit Rent Revenue, $24000.
D)debit Unearned Rent Revenue, $24000; credit Rent Revenue, $24000.
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