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What realty company ltd should make adjusting entry

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Reference no: EM132706310

Problem 1: McCloud Realty Company Ltd received a cheque for $21,000 on 1 July, which represents six months' rent received in advance. Revenue received in advance account was credited with $21,000. Financial statements will be prepared on 31 July. McCloud Realty Company Ltd should make the following adjusting entry on 31 July:

Select one:

a. Debit Revenue received in advance, $3,500; Credit Rental revenue, $3,500
b. Debit Rental revenue, $3,500; Credit Revenue received in advance, $3,500
c. Debit Revenue received in advance, $21,000; Credit Rental revenue, $21,000
d. Debit Cash, $21,000; Credit Rental revenue, $21,000
e. None of the above

Reference no: EM132706310

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