Mixed Plate Corporation received cash of $12,000 on August 1, 2019 from a client for one year's rent in advance and recorded the transaction with a credit to rent revenue.The client moved in on August 1. The December 31, 2019 adjusting journal entry required is:

Question 20 options:

Debit Unearned Rent $5,000 and Credit Rent Revenue $5,000

Debit Rent Revenue $5,000 and Credit Unearned Rent $5,000

Debit Cash $7,000 and Credit Unearned Rent $7,000

Debit Rent Revenue $7,000 and Credit Unearned Revenue $7,000

Debit Cash $5,000 and Credit Unearned Revenue $5,000