Suppose a company rents office space for one year, paying $27,000 ($2,250/month) in advance on September...
Suppose a company rents office space for one year, paying
$27,000 ($2,250/month) in advance on September 1.
Record the adjusting entry on December 31. (If no entry is
required for a transaction/event, select "No journal entry
required" in the first account field.)
Journal Entry Worksheet
Record the adjusting entry on December 31.
Homework Answers
On September 1 , rent $27,000 was paid in advance for 1 year.
Hence, rent expense for 4 months ( From September to December) = 27,000 x 4/12
= $9,000
The following adjusting entry will be made on December 31, to record rent expense:
| General Journal | Debit | Credit |
| Rent expense | $9,000 | |
| Prepaid rent | $9,000 | |
| ( To record rent expense) |
Kindly comment if you need further assistance. Thanks‼!
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