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Pappy Corporation received cash of $24,000 on May 1, 2018 for one years rent in...

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Accounting

  1. Pappy Corporation received cash of $24,000 on May 1, 2018 for one years rent in advance and recorded the transaction with a credit to Unearned Rent Revenue. The December 31, 2018 adjusting entry is:

debit Unearned Rent Revenue and credit Rent Revenue, $8,000.

debit Cash and credit Unearned Rent Revenue, $16,000.

debit Unearned Rent Revenue and credit Rent Revenue, $16,000.

debit Rent Revenue and credit Unearned Rent Revenue, $8,000.

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