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Perez Corporation received cash of $12,000 on August 1, 2010 for one year's rent in...

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Accounting

Perez Corporation received cash of $12,000 on August 1, 2010 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 2010 adjusting entry is

a) debit Unearned Rent and credit Rent Revenue, $5,000.

b) debit Rent Revenue and credit Unearned Rent, $5,000.

c) debit Cash and credit Unearned Rent, $7,000.

d) debit Rent Revenue and credit Unearned Rent, $7,000.

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