1-On September 1, your calendar year company rents a machine to another firm for $24,000 a year. As ...

1-On September 1, your calendar year company rents a machine to another firm for $24,000 a year. As of December 31, $17,000 has been received and recorded in Rent Revenue. If your company uses the accrual basis, what adjusting entry do you record at year end?debit Rent Revenue for $7,000; credit Unearned Rent Revenue for $7,000debit Rent Revenue for $9,000; credit Unearned Rent Revenue for $9,000debit Unearned Rent Revenue for $7,000; credit Rent Revenue for $7,000debit Unearned Rent Revenue for $8,000; credit Rent Revenue for $8,000debit Rent Revenue for $8,000; credit Unearned Rent Revenue for $8,000debit Unearned Rent Revenue for $9,000; credit Rent Revenue for $9,0002-Your company receives a $40,000 advance for a $125,000 painting job and you credit Unearned Painting Revenue. At year end, 14% of the job has been completed. If your company uses the accrual basis, what adjusting entry will you record?debit Unearned Painting Revenue for $17,500; credit Painting Revenue for $17,500debit Painting Revenue for $22,500; credit Unearned Painting Revenue for $22,500debit Unearned Painting Revenue for $22,500; credit Painting Revenue for $22,500debit Painting Revenue for $17,500; credit Unearned Painting Revenue for $17,500