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

Leyland Realty Company received a check for $15,000 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 $15,000. Financial statements will be prepared on July 31. Leyland Realty should make the following adjusting entry on July 31:

a. debit Unearned Rent Revenue, $2,500; credit Rent Revenue, $2,500.

b. debit Rent Revenue, $2,500; credit Unearned Rent Revenue, $2,500.

c. debit Unearned Rent Revenue, $15,000; credit Rent Revenue, $15,000.

d. debit Cash, $15,000; credit Rent Revenue, $15,000.

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