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10-01-2024
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Somerset received $45,600 from a customer for 12 months' rent in advance of the rental period. How should Somerset record this transaction?

a) Debit: Cash, Credit: Unearned Revenue
b) Debit: Rent Revenue, Credit: Cash
c) Debit: Unearned Revenue, Credit: Cash
d) Debit: Cash, Credit: Rent Expense

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