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July 25, 2014

Homework Help: accounting

Posted by Anonymous on Wednesday, October 14, 2009 at 9:33pm.

Garcia Corporation received cash of $18,000 on August 1, 2010 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 2010 adjusting entry is
a. debit Rent Revenue and credit Unearned Rent, $7,500.
b. debit Rent Revenue and credit Unearned Rent, $10,500.
c. debit Unearned Rent and credit Rent Revenue, $7,500.
d. debit Cash and credit Unearned Rent, $10,500.

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