Applying accounting principles and preparing journal entries for prepaid rent [10-15 min]
Consider the facts presented in the following table for Tropical View, Inc.:
| Situation | ||||
A | B | C | D | |
Beginning Prepaid rent .................................. | $ 1,200 | $ 900 | $ 200 | $ 700 |
Payments for Prepaid rent during the year .......................................... | 1,400 | b | 1,800 | d |
Total amount to account for ......................... | 2,600 | 1,400 | ? | ? |
Subtract: Ending Prepaid rent ...................... | 600 | 500 | c | 400 |
Rent expense ................................................. | $ a | $ 900 | $1,900 | $1,100 |
Requirements
1. Complete the table by filling in the missing values.
2. Prepare one journal entry for each situation for the missing amounts (a-d). Label the journal entries by letter.
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