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Sheridan Company received cash of 537500 on September 1, 2020 for one year's rent in advance and recorded the transaction with a credit to Unearned

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Sheridan Company received cash of 537500 on September 1, 2020 for one year's rent in advance and recorded the transaction with a credit to Unearned Rent Revenue. The December 31, 2020 adjusting entry is debit Unearned Rent Revenue and credit Rent Revenue, $12500. debit Cash and credit Unearned Rent Revenue $25000 debit Rev enue and credit Unearned Rent Revenue, $25000 debit Rent venue and credit Unearned Rent Revenue, $12500

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