Question

Please help

ts first, then credits. Select the explanation on the last line of the journal entry table.) Debit Credit 6 Requirements 1. Record the journal entry for the July 1 payment. 2. Record the adjusting entry required at July 31. 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances at July 31. (lgnore the Cash account) Print Done g entry to the accounts involved and show their balances at July 31 (ignore the Cash account.) e dates as posting references, and then calculate and enter the ending balance of the accounts using a then continue to the next question

Answer 1

Solution 1:

Date	Accounts and explanation	Debit	Credit
01-Jul	Prepaid Rent Dr	$4,800
	To Cash		$4,800
	(To record cash paid for 6 months prepaid rent)

Solution 2:

Date	Accounts and explanation	Debit	Credit
31-Jul	Rent Expense Dr ($4800*1/6)	$800
	To Prepaid Rent		$800
	(To record adjusting entry for 1 month rent on july 31)

Solution 3:

Prepaid Rent
July- 1, Cash paid	$4,800	July 31, Adjustment	$800
		Balance	$4,000
Total	$4,800	Total	$4,800

Rent Expense
Balance	$800	July 31, Adjustment	$800
Total	$800	Total	$800