Novak Corp. received a check for $21960 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $21960. Financial statements will be prepared on July 31. Novak's should make the following adjusting entry on July 31: debit Rent Revenue, $3660; credit Unearned Rent Revenue, $3660. debit Unearned Rent Revenue, $3660; credit Rent Revenue, $3660. debit Unearned Rent Revenue, $21960; credit Rent Revenue, $21960. debit Cash, $21960; credit Rent Revenue, $21960.
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