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Bramble Corp. received a check for $23520 on July 1 which represents a 6 month advance payment of rent on a building it rents to
Bramble Corp. received a check for $23520 on July 1 which represents a 6 month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $23520. Financial statements will be prepared on July 31. Bramble's should make the following adjusting entry on July 31: debit Cash, $23520; credit Rent Revenue, $23520. debit Rent Revenue, $3920; credit Unearned Rent Revenue, $3920. debit Unearned Rent Revenue, $3920: credit Rent Revenue, $3920, debit Unearned Rent Revenue, $23520; credit Rent Revenue, $23520
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