Garcia Corporation received cash of $18,000 on August 1, 2010 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 2010 adjusting entry is
a. debit Rent Revenue and credit Unearned Rent, $7,500.
b. debit Rent Revenue and credit Unearned Rent, $10,500.
c. debit Unearned Rent and credit Rent Revenue, $7,500.
d. debit Cash and credit Unearned Rent, $10,500.
1 answer
B.) debit Rent Revenue and credit unearned rent $10,500
1 answer