On January 1, Fey Properties collected $7,200 for six months' rent in advance from a tenant renting an apartment. Fey Properties prepares monthly financial statements. Which of the following describes the required adjusting entry on January 31? A. Debit Unearned rent revenue for $1,200 and Credit Rent revenue for $1,200 B. Debit Cash for $6,000 and Credit Unearned rent revenue for $6,000 C. Debit Rent revenue for $1,200 and Credit Unearned rent revenue for $1,200 D. Debit Cash for $7,200 and Credit Rent revenue for $7,200 E. Debit Unearned rent revenue for $6,000 and Credit Cash for $6,000
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