32,000 On November 1, 20X3, your calendar year company receives $40,000 for space it is subletting for 5 months at $8,000 a month, from November 1, 20X3 through March 3 20X4, and books the amount as Rent Revenue. On December 31, 20X3, you discove following adjusting entry: Rent Revenue Rent Received in Advance 32,000 To correct this error you must: a. debit Rent Revenue and credit Rent Received in Advance for $8,000 b. debit Rent Received in Advance and credit Rent Revenue for $8,000 c. debit Rent Revenue and credit Rent Received in Advance for $16.000 debit Rent Received in Advance and credit Rent Revenue for $16,000