On August 1, Ross Company received $27,600 for six months of rent in advance. On August 1, Ross Company credited Rent Revenue, which is an alternate way of recording the initial receipt of cash.

journalize the adjusting entry on December 31

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Date Account Title Debit Credit Dec. 31 (Choose one)Accounts ReceivableAdvertising ExpenseAdvertising RevenueInsurance ExpenseInsurance RevenueInterest ExpenseInterest PayableInterest ReceivableInterest RevenuePrepaid AdvertisingPrepaid InsurancePrepaid RentRent ExpenseRent RevenueSalaries ExpenseSalaries PayableService RevenueSupplies ExpenseSuppliesTaxes ExpenseTaxes PayableUnearned AdvertisingUnearned InsuranceUnearned Rent RevenueUtilities ExpenseUtilities Payable(Choose one)Accounts ReceivableAdvertising ExpenseAdvertising RevenueInsurance ExpenseInsurance RevenueInterest ExpenseInterest PayableInterest ReceivableInterest RevenuePrepaid AdvertisingPrepaid InsurancePrepaid RentRent ExpenseRent RevenueSalaries ExpenseSalaries PayableService RevenueSupplies ExpenseSuppliesTaxes ExpenseTaxes PayableUnearned AdvertisingUnearned InsuranceUnearned Rent RevenueUtilities ExpenseUtilities Payable(Choose one)Accounts ReceivableAdvertising ExpenseAdvertising RevenueInsurance ExpenseInsurance RevenueInterest ExpenseInterest PayableInterest ReceivableInterest RevenuePrepaid AdvertisingPrepaid InsurancePrepaid RentRent ExpenseRent RevenueSalaries ExpenseSalaries PayableService RevenueSupplies ExpenseSuppliesTaxes ExpenseTaxes PayableUnearned AdvertisingUnearned InsuranceUnearned Rent RevenueUtilities ExpenseUtilities Payable(Choose one)Accounts ReceivableAdvertising ExpenseAdvertising RevenueInsurance ExpenseInsurance RevenueInterest ExpenseInterest PayableInterest ReceivableInterest RevenuePrepaid AdvertisingPrepaid InsurancePrepaid RentRent ExpenseRent RevenueSalaries ExpenseSalaries PayableService RevenueSupplies ExpenseSuppliesTaxes ExpenseTaxes PayableUnearned AdvertisingUnearned InsuranceUnearned Rent RevenueUtilities ExpenseUtilities Payable

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