Waterway Industries received cash of $35400 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:
a) debit Cash and credit Unearned Rent Revenue, $23600.
b) debit Unearned Rent Revenue and credit Rent Revenue, $11800.
c) debit Rent Revenue and credit Unearned Rent Revenue, $11800.
d) debit Rent Revenue and credit Unearned Rent Revenue, $23600.
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Waterway Industries received cash of $35400 on September 1, 2020 for one year’s rent in advance and...
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