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  3. whispering winds corp. received a check for $16560

Whispering Winds Corp. received a check for $16560 on July 1, which represents a 6-month...

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Accounting

Whispering Winds Corp. received a check for $16560 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $16560. Financial statements will be prepared on July 31
Whispering's should make the following adjusting entry on July 31 :
debit Unearned Rent Revenue, $2760; credit Rent Revenue, $2760.
debit Rent Revenue, $2760; credit Unearned Rent Revenue, $2760.
debit Cash, $16560; credit Rent Revenue, $16560.
debit Unearned Rent Revenue, $16560; credit Rent Revenue, $16560.
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