In anticipation of stocking Mookie The Beagle" Concierge branded inventory. Cy charged $864 for 6 months storage locker rental from Lynne's Space to Mookie The Beagle Concierge's VISA credit card on January 1, 2022. So at the end of the accounting period on January 31 Mookie The Beagle Concierge has used 1 month of rent @ 5144 (5864/6 months $144 per monthi The unused rent ($720) is Prepaid Expense Prepaid Rent an asset account with faure benets. Since Cy had not recorded anything related to the storage locker rental, an adjusting entry is needed to bring accounts up to date at January 31 1 Complete the following table. (Round your answer to 2 decimal places) Account Rent & Lease Prepaid Expenses Rent VISA Credit Card Account Type Increase or Decrease? Expense Asset Liability Debit or Credit? Amount
In anticipation of stocking Mookie The Beagle" Concierge branded inventory. Cy charged $864 for 6 months storage locker rental from Lynne's Space to Mookie The Beagle Concierge's VISA credit card on January 1, 2022. So at the end of the accounting period on January 31 Mookie The Beagle Concierge has used 1 month of rent @ 5144 (5864/6 months $144 per monthi The unused rent ($720) is Prepaid Expense Prepaid Rent an asset account with faure benets. Since Cy had not recorded anything related to the storage locker rental, an adjusting entry is needed to bring accounts up to date at January 31 1 Complete the following table. (Round your answer to 2 decimal places) Account Rent & Lease Prepaid Expenses Rent VISA Credit Card Account Type Increase or Decrease? Expense Asset Liability Debit or Credit? Amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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D2.
Account
Transcribed Image Text:In anticipation of stocking Mookie The Beagle" Concierge branded inventory. Cy charged $864 for 6 months storage locker rental from Lynne's Space to Mookie The
Beagle Concierge's VISA credit card on January 1, 2022. So at the end of the accounting period on January 31 Mookie The Beagle Concierge has used 1 month of
rent @ 5144 ($864/6 months $144 per monthi The unused rent ($720) is Prepaid Expense Prepaid Rent, an asset account with future benefit. Since Cy had not
recorded anything related to the storage locker rental, an adjusting entry is needed to bring accounts up to date at January 31
1 Complete the following table. (Round your answer to 2 decimal places)
Account
Rent & Lease
Prepaid Expenses: Rent
VISA Credit Card
Account Type
Expense
Asset
Liability
Increase or Decrease?
Debit or Credit?
Amount
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