Question: Summer Leasing received $ 1 1 , 9 0 0 from a customer to cover 2 4 months of rent in advance. How should Summer

Summer Leasing received $11,900 from a customer to cover 24 months of rent in advance. How should Summer record this transaction?
Debit Cash; credit Deferred Revenue
Debit Prepaid Rent; credit Rent Expense
Debit Cash; credit Service Revenue
Debit Rent Expense; credit Cash

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