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Garcia Corporation received cash of $18,000 on August 1, 2022 for one year's rent in advance and recorded the transaction with a credit to Rent
Garcia Corporation received cash of $18,000 on August 1, 2022 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 2022 adjusting entry is
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debit Rent Revenue and credit Unearned Rent, $7,500.
debit Rent Revenue and credit Unearned Rent, $10,500.
debit Unearned Rent and credit Rent Revenue, $7,500.
debit Cash and credit Unearned Rent, $10,500.
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