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On August 31, 2021, Prince Corp. made the annual lease payment of $63,000 for its office building.  The payment covers the period of September 1, 2021 to August 31, 2022.  Prince Corp. has a year-end of March 31.  Assuming the entire amount had originally been debited to Prepaid Lease, the required adjustment at year-end is:   Question 9 options:   DR Lease Expense 21,000 CR Prepaid Lease 21,000   DR Prepaid Lease 36,750  CR Lease Expense 36,750   DR Lease Expense 36,750  CR Prepaid Lease 36,750   DR Prepaid Lease 21,000  CR Lease Expense 21,000

On August 31, 2021, Prince Corp. made the annual lease payment of $63,000 for its office building.  The payment covers the period of September 1, 2021 to August 31, 2022.  Prince Corp. has a year-end of March 31.  Assuming the entire amount had originally been debited to Prepaid Lease, the required adjustment at year-end is:   Question 9 options:   DR Lease Expense 21,000 CR Prepaid Lease 21,000   DR Prepaid Lease 36,750  CR Lease Expense 36,750   DR Lease Expense 36,750  CR Prepaid Lease 36,750   DR Prepaid Lease 21,000  CR Lease Expense 21,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On August 31, 2021, Prince Corp. made the annual lease payment of $63,000 for its office building.  The payment covers the period of September 1, 2021 to August 31, 2022.  Prince Corp. has a year-end of March 31.  Assuming the entire amount had originally been debited to Prepaid Lease, the required adjustment at year-end is:

 

Question 9 options:

 

DR Lease Expense 21,000 CR Prepaid Lease 21,000
 

DR Prepaid Lease 36,750  CR Lease Expense 36,750
 

DR Lease Expense 36,750  CR Prepaid Lease 36,750
 

DR Prepaid Lease 21,000  CR Lease Expense 21,000
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