Murphy Company sublet a portion of its warehouse for five years at an annual rental of $24,000, beginning on May 1, 2010. The tenant, Sheri Charter, paid one year's rent in advance, which Murphy recorded as a credit to Unearned Rental Revenue. Murphy reports on a calendar-year basis.
The adjustment on December 31, 2010 for Murphy should be:
a. No entry
b. Unearned Rent Revenue 8,000
Rent Revenue 8,000
c. Rent Revenue 8,000
Unearned Rent Revenue 8,000
d. Unearned Rent Revenue 16,000
Revenue Revenue 16,000
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