The owner of a building prepares annual financial statements based on a calendaryear accounting period.

a. A tenant rented space in the building on November 1 at \(\$ 450\) per month, paying six months' rent in advance. The receipt was credited to Unearned Rent. Give the December 31 adjusting entry of the building owner, prior to the preparation of annual financial statements.

b. Another tenant rented space in the building at \(\$ 525\) per month on November 1. The tenant paid the November rent on the first day of November, but by December 31 the December rent had not yet been paid. Give the December 31 adjusting entry of the building owner.

c. Assume the tenant in

(b) paid the rent for December and January on January 3 of the new year. Give the entry to record the receipt of the \(\$ 1,050\).