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 the following adjusting entry on July 31: debit Unearned Rent Revenue, $3,000; credit Rent Revenue, $3,000. debit Rent Revenue, $3,000; credit Unearned Rent Revenue, $3,000. debit Unearned Rent Revenue, $18,000; credit Rent Revenue, $18,000. debit Cash, $18,000; credit Rent Revenue, $18,000

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 the following adjusting entry on July 31 : debit Unearned Rent Revenue, $3,000; credit Rent Revenue, $3,000. debit Rent Revenue, $3,000; credit Unearned Rent Revenue, $3,000. debit Unearned Rent Revenue, $18,000; credit Rent Revenue, $18,000. debit Cash, $18,000 : credit Rent Revenue, $18,000