Question: Question Content Area On February 1 , Year 1 , Apollo Company received $ 2 4 , 0 0 0 in advance for a three

Question Content Area
On February 1, Year 1, Apollo Company received $24,000 in advance for a three-year rental of land and credited Rent Revenue for the entire amount. The correct December 31, Year 1 adjusting entry would be:
a. Rent Revenue 7,333
Unearned Rent 7,333
b. Unearned Rent 16,667
Rent Revenue 16,667
c. Unearned Rent 7,333
Rent Revenue 7,333
d. Rent Revenue 16,667
Unearned Rent 16,667

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