Homework Answers
| On July 1, 2021 the rent is paid for 18 months and at that time the entry for prepaid rent would have been made. But in the year 2021 only 6 months rent will be record as expense. | |
| Rent expense for 2021 = 18000 * 6 / 18 | 6000 |
| Adjusting entry on December 31, 2021 : | ||
| Dr. | Cr. | |
| Rent expense | 6000 | |
| Prepaid rent | 6000 | |
| So, the answer is : Debit rent expense and credit prepaid rent for $6,000 |
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