The balance in the prepaid rent account before adjustment at the end of the year is...

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The balance in the prepaid rent account before adjustment at the end of the year is...

The balance in the prepaid rent account before adjustment at the end of the year is $13,099, which represents 7 months' rent paid on December 1. The adjusting entry required on December 31 is

a.debit Prepaid Rent, $11,228; credit Rent Expense, $1,871

b.debit Rent Expense, $11,228; credit Prepaid Rent, $1,871

c.debit Rent Expense, $1,871; credit Prepaid Rent, $1,871

d.debit Prepaid Rent, $1,871; credit Rent Expense, $1,871

business accounting

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Answer 1

Answer #1

Answer

--The adjustment entry would record the adjustment of 1 month prepaid rent expired for December.

--1 month Rent = $ 13099 x 1 month / 7 months = $ 1871

--Correct Answer = Option 'C'
debit Rent Expense, $1,871 (being the rent expense for December)
credit Prepaid Rent, $1,871 (being rent for 1 month expired)

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Answer 2

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The balance in the prepaid rent account before adjustment at the end of the year is...

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