On March 1, Parks Corporation met with clients and signed a contract of 75,000 for work to start June 1st. 10% was paid in advance by the client when the contract was signed. what will be the journal entry on March 1st.

a. Debit cash 7500 credit unearned rev 7500

b. debit cash 7500 credit revenue 7500

c. debit cash 7500, accounts receivable 67500, credit revenue 7500 and unearned revenue 67500

d. debit cash 7500 accounts receivable 67500 and credit revenue 75000