Pappy Corporation received cash of $13,500 on September 1, 2007 for one year's rent in advance and recorded the transaction with a credit to Unearned Rent.The December 31, 2007 adjusting entry is
A) debit Rent Revenue and credit Unearned Rent, $4,500.
B) debit Rent Revenue and credit Unearned Rent, $9,000.
C) debit Unearned Rent and credit Rent Revenue, $4,500.
D) debit Cash and credit Unearned Rent, $9,000.
Correct Answer:
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