James Limited received rent on the first day of November 2016, a total of $70,200 in advance for twelve months commencing on that day and records it as revenue. Record the adjusting entry for the year ending June 30, 2017 for James Limited. X??. Alternative: record the adjusting entry assuming the rent was recorded as a liability wher received.) Alternative: record the adjusting entry from the perspective of the tenant assuming the rent was recorded as an asset when paid.) Alternative: record the adjusting entry from the perspective of the tenant assuming the rent was recorded as an expense when paid.)