Homework Answers
Rent expense from April 1 to December 31 = $9,800 X 9/12 = $7,350
| Event | Cash | Prepaid rent | = | Common stock | + | Retained earnings |
| Paid rent in advance | ($9,800) | $9,800 | = | $0 | + | $0 |
| Adjusting rent expense | $0 | ($7,350) | = | $0 | + | ($7,350) |
| Totals | ($9,800) | $2,450 | = | $0 | + | ($7,350) |
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