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  3. 32,000 on november 1, 20x3, your calendar year com

32,000 On November 1, 20X3, your calendar year company receives $40,000 for space it is...

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Accounting

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32,000 On November 1, 20X3, your calendar year company receives $40,000 for space it is subletting for 5 months at $8,000 a month, from November 1, 20X3 through March 3 20X4, and books the amount as Rent Revenue. On December 31, 20X3, you discove following adjusting entry: Rent Revenue Rent Received in Advance 32,000 To correct this error you must: a. debit Rent Revenue and credit Rent Received in Advance for $8,000 b. debit Rent Received in Advance and credit Rent Revenue for $8,000 c. debit Rent Revenue and credit Rent Received in Advance for $16.000 debit Rent Received in Advance and credit Rent Revenue for $16,000

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