Regal Real Estate which maintains its accounts on the basis of a fiscal year ending June 30, began the management of an office building on June 15 for an agreed annual fee of $4,800. The first payment is due on July 15. The adjusting entry required at June 30 is:

1.A debit to Management Fees Receivable for $200 and a credit to a revenue account for $200.2.A $200 debit to Unearned Management Fees and a $200 credit to Management Fees Earned.3.A debit to Cash for $200 and a credit to Management Fees Earned.4.A debit to Cash for $400 offset by a credit to a revenue account for $200 and a liability for $200.