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A debit to Cash in the amount of $8.800 Assem Real Estate received a check for $32,000 on January 1 which represents a 8 month
A debit to Cash in the amount of $8.800 Assem Real Estate received a check for $32,000 on January 1 which represents a 8 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $32,000. Financial statements will be prepared on January 31. Assem Real Estate should make the following adjusting entry on January 31: * (2 Points) Debit Cash. $32,000; Credit Rent Revenue, $32,000. Debit Unearned Rent Revenue, $4,000: Credit Rent Revenue, $4.000. Debit Unearned Rent Revenue, $32,000; Credit Rent Revenue, $32,000. O Debit Rent Revenue, $4.000; Credit Unearned Rent Revenue, $4.000
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