leston View Policies Current Attempt in Progress Waterway Real Estate received a check for $29700 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 $29700. Financial statements will be prepared on July 31. Waterway Real Estate should make the following adjusting entry on July 31: Debit Cash, $29700: Credit Rent Revenue, $29700. Debit Unearned Rent Revenue, $4950; Credit Rent Revenue, $4950. Debit Unearned Rent Revenue, $29700; Credit Rent Revenue, $26400. Debit Rent Revenue, $4950; Credit Unearned Rent Revenue, $4950. e Textbook and Media