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Leyland Reality Company received a check for $15,000 on July 1, which represents a 6 month advance payment of rent of building a rent to

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Leyland Reality Company received a check for $15,000 on July 1, which represents a 6 month advance payment of rent of building a rent to a client. Unearned rental revenue was credited for the full $15, 000. Financial statements will be prepared on July 31. Leyland really should make the following adjusting entry on July 31: debit cash, $15,000; credit Rent revenue $15, 000. debit rent revenue, $2, 500; credit unearned rent revenue, $2, 500. debit unearned rent revenue, $2, 500; credit rent revenue, $2, 500

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