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Which adjusting entries should be made

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problem 1: On April 1 2020 the Dogs Limited rented out part of its property and was paid $24,000 in advance for a 12 month period. The receipt was credited to a liability account. At December 31 2020, Cows Limited's financial year end, which of the following adjusting entries should be made?

Select one:

a. Dr. Rental Income - $24,000; Cr. Unearned Rental Income - $24,000
b. Dr. Unearned Rental Income - $18,000; Cr. Rental Income - $18,000
c. Dr. Rent Receivable - $18,000; Cr. Rent Income - $18,000.
d. Dr. Cash - $18,000; Cr. Rental Income - $18,000

Reference no: EM132794688

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