32 On October 1, Haslip Company rented warehouse space to a tenant for $3,500 per month. The tenant paid five months' rent in advance on that date. The payment was recorded to the Revenue account. The company's annual accounting period ends on December 31. The adjusting entry needed on December 31 is: Multiple Choice Debit Rent Revenue, $7,000; credit Revenue Received in Advance, $7,000. Debit Rent Receivable, $10,500; credit Rent Revenue, $10,500. Debit Rent Revenue, $10,500; credit Revenue Received in Advance, $10,500. Debit Revenue Received in Advance, $17,500; credit Rent Revenue, $17,500. Debit Rent Receivable. $17,500; credit Rent Revenue, $17,500.