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What entry would Company A make on July

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Question - Company A owns properties that it leases for use as plant and office space. Company A received $120,000 on June 25 from Company B as a lease payment for use of a building for six months beginning July 1. What entry would Company A make on July 31?

A. Debit deferred revenue for $20,000 and credit rent revenue for $20,000

B. Debit cash for $120,000 and credit deferred revenue for $120,000

C. Debit rent revenue for $20,000 and credit deferred revenue $20,000

D. Debit prepaid rent $100,000 and credit accrued rent $100,000

Reference no: EM132546687

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