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Vaughn Real Estate received a check for $26820 on July 1 which represents a 6 month advance payment of rent on a building it rents
Vaughn Real Estate received a check for $26820 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 $26820. Financial statements will be prepared on July 31 . Vaughn Real Estate should make the following adjusting entry on July 31: Debit Unearned Rent Revenue, $4470; Credit Rent Revenue, $4470. Debit Rent Revenue, $4470; Credit Unearned Rent Revenue, $4470. Debit Unearned Rent Revenue, \$26820; Credit Rent Revenue, $26820. Debit Cash, $26820; Credit Rent Revenue, $26820
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