Homework Answers
| Date | Accounts and explanation | Debit | Credit |
| Oct-01 | Prepaid rent | 15000 | |
| Cash | 15000 | ||
| (Rent paid in cash for 6 months) | |||
| Dec-31 | Rent expense | 7500 | |
| Prepaid rent | 7500 | ||
| (adjusting entry for rent expense) |
Rent expense from October to Dcember will be recognized for 3 months = 3 months / 6 months * 15000
= $7500
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