Murphy Company sublet a portion of its warehouse for five years at an annual rental of $24,000, beginning on May 1, 2008. The tenant, Sheri Charter, paid one year's rent in advance, which Murphy recorded as a credit to Unearned Rental Income. Murphy reports on a calendar-year basis. The adjustment on December 31, 2008 for Murphy should be
A) No entry
B) 
C) 
D) 
Correct Answer:
Verified
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