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Lansing Company received a check for $90,000 on July 1, which represents a 6-month advance payment of rent on a building it rents to a
Lansing Company received a check for $90,000 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 $90,000. Financial statements will be prepared on July 31. Lansing should make the following adjusting entry on July 31: a. debit Uncarned Rent Revenuc, $15,000; credit Rent Revenuc, $15,000. b. debit Rent Revenue, $15,000; credit Unearned Rent Revenue, $15,000. c. debit Unearned Rent Revenue, $90,000; credit Rent Revenue, $90,000. d. debit Cash, $90,000; credit Rent Revenue, $90,000. e, None of the above
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