Karr Corporation received cash of $6269 on August 1, 20×8 for one year’s rent in advance and reco… 1 answer below »

 
   

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Karr Corporation received cash of $6269 on August 1, 20×8 for one year’s rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 20×8 adjusting entry is: Select one: Debit Rent Revenue and credit Unearned Rent, $2612 Debit Cash and credit Unearned Rent, $3657 Debit Rent Revenue and credit Unearned Rent, $3657 Debit Unearned Rent and credit Rent Revenue, $2612