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On January 1, Fey Properties collected $7,200 for six months rent in advance from a...

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Accounting

On January 1, Fey Properties collected $7,200 for six months rent in advance from a tenant renting an apartment. Fey Company prepares monthly financial statements.

Which of the following describes the required adjusting entry on January 31?

Select one:

A. Debit Cash for $7,200 and Credit Rent revenue for $7,200

B. Debit Unearned rent revenue for $1,200 and Credit Rent revenue for $1,200

C. Debit Rent revenue for $1,200 and Credit Unearned rent revenue for $1,200

D. Debit Cash for $6,000 and Credit Unearned rent revenue for $6,000

E. Debit Unearned rent revenue for $6,000 and Credit Cash for $6,000

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