On January 1, Parisian Palaces received $95,000 for one year's rent for building A. What would the adjusting entry be on March 31?A. Debit Rent Expense $23,750, credit Prepaid Rent $23,750B. Debit Unearned Rent Revenue $7,917, credit Rent Revenue $7,917C. Debit Rent Expense $7,917, credit Prepaid Rent $7,917D. Debit Uneared Rent Revenue $23,750, credit Rent Revenue $23,750

Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

On January 1, Parisian Palaces received $95,000 for one year's rent for building A. What would the adjusting entry be on March 312 OA. Debit Rent Expense $23,750, credit Prepaid Rent $23,750 OB. Debit Unearned Rent Revenue $7,917, credit Rent Revenue $7,917 OC. Debit Rent Expense $7,917, credit Prepaid Rent $7,917 OD. Debit Unearned Rent Revenue $23,750, credit Rent Revenue $23,750

On January 1, Parisian Palaces received $95,000 for one year's rent for building A. What would the adjusting entry be on March 312 OA. Debit Rent Expense $23,750, credit Prepaid Rent $23,750 OB. Debit Unearned Rent Revenue $7,917, credit Rent Revenue $7,917 OC. Debit Rent Expense $7,917, credit Prepaid Rent $7,917 OD. Debit Unearned Rent Revenue $23,750, credit Rent Revenue $23,750

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 9EB: Prepare journal entries to record the business transaction and related adjusting entry for the...

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