On January 1, Parisian Palaces received $89,000 for one year's rent for building A. What would the adjusting entry be on March 31?
A) Debit Rent Expense $7,417, credit Prepaid Rent $7,417
B) Debit Unearned Rent Revenue $7,417, credit Rent Revenue $7,417
C) Debit Rent Expense $22,250, credit Prepaid Rent $22,250
D) Debit Unearned Rent Revenue $22,250, credit Rent Revenue $22,250
D) Debit Unearned Rent Revenue $22,250, credit Rent Revenue $22,250
Explanation: Adjust to transfer unearned to earned revenue for 3 months: yearly amount × 3/12. Ex: $89,000 × 3/12 = $22,250
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