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What the december adjusting entry shall be

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Question 1: Apartments-for-Rent Corporation received cash of $7,200 on August 1, 2015 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 2015 adjusting entry shall be:

Debit Rent Revenue and credit Unearned Rent, $4,200

Debit Unearned Rent and credit Rent Revenue, $3,000

Debit Rent Revenue and credit Unearned Rent, $3,000

None of the others alternatives are correct

Debit Cash and credit Unearned Rent, $4,200

Reference no: EM132481342

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