Pappy Corporation received cash of $24,000 on September 1, 2014 for one year's rent in advance and recorded the transaction with a credit to Unearned Rent Revenue. The December 31, 2014 adjusting entry is
A) debit Rent Revenue and credit Unearned Rent Revenue, $8,000.
B) debit Rent Revenue and credit Unearned Rent Revenue, $16,000.
C) debit Unearned Rent Revenue and credit Rent Revenue, $8,000.
D) debit Cash and credit Unearned Rent Revenue, $16,000.
Correct Answer:
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