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Sheffield Real Estate received a check for $27180 on July 1 which represents a 6 month advance payment of rent on a building it
Sheffield Real Estate received a check for $27180 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 $27180. Financial statements will be prepared on July 31. Sheffield Real Estate should make the following adjusting entry on July 31: O Debit Unearned Rent Revenue, $27180; Credit Rent Revenue, $24160. Debit Rent Revenue, $4530; Credit Unearned Rent Revenue, $4530. O Debit Unearned Rent Revenue, $4530; Credit Rent Revenue, $4530. O Debit Cash, $27180; Credit Rent Revenue, $27180.
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