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Question 12 (1 point) Summer Savory Inc. rents out office spaces. They received a cheque...

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Question 12 (1 point) Summer Savory Inc. rents out office spaces. They received a cheque for $24,000 on July 1, which represents a 6-month advance payment from a client for a building rent. Deferred Revenue was credited for the full $24,000. Financial statements will be prepared on July 31. Summer Savory Inc. should make the following adjusting entry on July 31: debit Deferred Revenue, $24,000; credit Rent Revenue, $24,000. debit Deferred Revenue, $4,000; credit Rent Revenue, $4,000. debit Rent Revenue, $4,000; credit Deferred Revenue, $4,000. debit Cash, $4,000; credit Rent Revenue, $4,000

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