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Tim received $3,000 in advance for renting part of his building for 4 months. What is the entry to record the adjustment after one month
Tim received $3,000 in advance for renting part of his building for 4 months. What is the entry to record the adjustment after one month has passed?
A. Debit Cash; credit Unearned Rent Revenue
B. Debit Unearned Rent, credit Rental Income
C. Debit Unearned Rent, credit Cash
D. Debit Cash; credit Rental Income
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