Murphy company sublet a portion of its warehouse for five years at an annual rental of $60,000, beginning on may 1, 2019. the tenant, sheri charter, paid one year's rent in advance, which murphy recorded as a credit to unearned rent revenue. murphy reports on a calendar-year basis. the adjustment on december 31, 2019 for murphy should be
a. unearned rent revenue 20,000 revenue 20,000
b. revenue 20,000 unearned rent revenue 20,000
c. unearned rent revenue 40,000 revenue 40,000
d. no entry
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