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Business, 27.02.2020 00:36 alissalhenry

Wildhorse Co. received a check for $25920 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 $32400. Financial statements will be prepared on July 31. Wildhorse's should make the following adjusting entry on July 31:a. debit Unearned Rent Revenue, $25920; credit Rent Revenue, $25920. b. debit Unearned Rent Revenue, $4320; credit Rent Revenue, $4320.c. debit Cash, $25920; credit Rent Revenue, $25920.d. debit Rent Revenue, $4320; credit Unearned Rent Revenue, $4320.

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