On January 1 of the current year, Oliver Company paid $2,100 in rent to cover six months
On January 1 of the current year, Oliver Company paid $2,100 in rent to cover six months (January June). Oliver recorded this transaction as follows:
| Date | Accounts | Debit | Credit |
|---|---|---|---|
| Jan 1 | Prepaid Rent | 2,100 | |
| Cash | 2,100 |
Oliver adjusts the accounts at the end of each month. Oliver's adjusting entry at the end of February should include a debit to Rent Expense in the amount of
A. $700 B. $0 C. $350 D. $1,400
Homework Answers
Oliver Company has paid $2,100 in rent to cover six months.
Calculate the per month rent -
Per month rent = Prepaid rent/Number of months = $2,100/6 = $350
So,
The per month rent is $350.
Thus,
Oliver's adjusting entry at the end of February should include a debit to rent expense in the amount of $350.
Hence, the correct answer is the option (C).
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