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 Unearned Rent Revenue, $3660; credit Rent Revenue, $3660.debit Rent Revenue, $3660; credit Unearned Rent Revenue, $3660.debit Unearned Rent Revenue, $21960; credit Rent Revenue, $21960.debit Cash, $21960; credit Rent Revenue, $21960.

Then try StudyFetch, the AI-powered platform that can answer your questions and teach you more about it!