Homework Answers
| date | accounts | debit $ | credit $ |
| september 1 | prepaid rent | 18000 | |
| cash | 18000 | ||
| december 31 | rent expense | 12000 | |
| prepaid rent | 12000 |
on september 1, the company prepaid its 6 month's rent amounting $18000.prepaid rent is an asset account which should be debited when it increases and cash is also an asset account which should be credited when it increases.
from september 1 to 31 december ,4 months period.during the year the rent expense realised is only for 4 months.the rent expense attributable to 4 months period=($18000/6)*4=$12000.this amount should be expensed in the statement as rent expense.rent expense is an expense account which should be debited when it increases.prepaid rent is an asset account which should be credited when it decreases.
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