Homework Answers
Prepaid Rent shall be treated as an asset. It means amount has been paid in advance for the expenses to accuse later on.
Journal Entry in the books of Powerhouse co:
On January, 1
| Particulars | Debit | Credit |
| Prepaid Rent | $18,200 | |
| To Cash | $18,200 | |
| Being cash paid for rent in advance |
at the end of the FY
Journal Entry:
| Particulars | Debit | Credit |
| Rent Expense | $18,200 | |
| To Prepaid Rent | $18,200 | |
| Being rent accrued and adjusted |
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Journalize the necessary adjusting entry at the end of the
accounting period, assuminh that the period ends on Friday. Round
your answers to nearest whole dollar. of an amount box does not
require an entry, leave it blank.
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