Rental receipts for the period July 1, 2010, through June 30, 2011, were collected on June 30, 2010.The effects of these economic events on the 2010 financial statements for unearned revenue and rent revenue are $\begin{array}{llc}& \text{ Unearned Revenue }& \text{ Rent Revenue }\\ I.& \text{ Increase }& \text{ Increase }\\ II.& \text{ Increase }& \text{ Decrease }\\ III.& \text{ Decrease }& \text{ No effect }\\ IV.& \text{ Decrease }& \text{ Increase }\end{array}$

A) I
B) II
C) III
D) IV

Rental Receipts

Income received from renting out property or equipment.

Unearned Revenue

Refers to payments received for products or services yet to be fulfilled, a liability on the balance sheet until delivery of service or product.

Financial Statements

Reports that provide detailed information about a company's financial performance and position, including the balance sheet, income statement, and cash flow statement.