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Sykes Realty Company received a check for $27,000 on July 1 which represents a 6month advance payment of Rent on a building it rents to
Sykes Realty Company received a check for $27,000 on July 1 which represents a 6month advance payment of Rent on a building it rents to a client. Unearned Rental Fees was credited for the full $27,000. Financial statements will be prepared on July 31. Sykes Realty should make the following adjusting entry on July 31 a. Decrease Unearned Rental Fees, \$4,500; Increase Rental Fees Earned, \$4,500 b. Decrease Rental Fees Earned, $4,500; Increase Unearned Rental Fees, $4,500 c. Decrease Unearned Rental Fees, $27,000; Increase Rental Fees Earned, $27,000 d. Increase Cash, $27,000; Decrease Rental Fees Earned, $27,000
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