Homework Answers
Question number 2
a)Accumulated Rent Expenses from April to Dec 31
Rent Expenses =1500*9
=13,500
Prepaid Rent Balance
Total rent paid for 12 months 18000
Total accumulated rent 13500
Balance in Prepaid rent 4500
B)
| Prepaid Rent | ||||
| Debit | Credit | |||
| 1-Apr | 18,000 | |||
| 31-Dec | 13500 | |||
| 4500 | Bal | |||
| Rent Expenses | ||||
| Debit | Credit | |||
| 1-Apr | 18,000 | |||
| 31-Dec | 13500 | |||
| Bal | 4500 | |||
C)Journal Entry to adjust the Prepaid Rent and rent Expenses to the accumulated bases
| Adjustment for Prepaid Rent | |||
| 31-Dec | Rent Expenses | 4500 | |
| Prepaid Rent | 4500 | ||
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There are three pages to this. I have first page done and stuck on
last two! Thank you!
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