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Leyland Realty Company received a check for $18,000 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 $18,000 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 18,000. Financial statements will be prepared on July 31. Leyland realty should make 12. the following adjusting entry on July 31: a. Debit Unearned Rent Revenue, $3,000; credit Rent Revenue, $3,000. Debit Rent Revenue, 3,000; credit Unearned Rent Revenue, $3,000. c. Debit Unearned Rent Revenue, $18,000; credit Rent Revenue, $18,000. d. Debit Cash, 18,000; credit Rent Revenue, $18,000. b. (3.5 points)
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