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The balance in the Prepaid Rent account before adjustment at the end of the year is $24900, which represents three months re
At March 1, 2020, Vaughn Corp. had supplies on hand of $550. During the month, Minutemen purchased supplies of $1180 and used
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Question 1 .
1/3 of the balance in the rent account is for the current ear .
Therefore 24900/3 = 8300 will be treated as expense for current year . and transferred from prepaid rent (Asset ) account
c) Debit Rent Expense , 8300 $ ,credit Prepaid Rent, 8300 $



Question 2 .
SUpplies worth 1660 have been used ,
THE supplies account will be credit and the supplies expense will be debited by 1660.
a) Credit to the supplies account for 1660 $

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