Cheng Company has one year in unearned rent on the books in the amount of $3,000 . The money was received on December 1 in payment for a warehouse Cheng owns. What adjusting entry related to unearned rent should Cheng record on the books at year-end?
a. debit to Unearned Rent, $2,750; credit to Rent Revenue, $2,750
b. debit to Rent Revenue, $250; credit to Unearned Rent, $250
c. debit to Unearned Rent, $250; credit to Rent Revenue, $250
d. No entry required.
c
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