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3. Prepaid rent had a $1.000 normal balance prior to adjustment. By year end $400 was unexpired. No. Account Titles and Expla

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Answer #1

The journal entry to record the Prepaid rent during the year is as follows:-

Particulars Amount Amount
Rent expense A/c ($1,000 - $400)                           600
            To Prepaid rent A/c                             600
(To record the payment of prepaid rent)

Since out of the $1,000 rent expense, $400 is unexpired, we record the remaining $600 out of $1,000 as the actual rent expense. Please let me know if you have any questions via comments and all the best :) !

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