On July 1 the Skysong, Inc. paid $19680 to Acme Realty for 6 months rent beginning July 1. Prepaid Rent was debited for the full amount. If financial statements are prepared on July 31, the adjusting entry to be made by the Skysong, Inc. is: debit Rent Expense, $19680: credit Prepaid Rent, $3280 debit Rent Expense, $19680; credit Prepaid Rent. $16400 Odebit Prepaid Rent. $3280, credit Rent Expense, $3280 debit Rent Expense. $3280: credit Prepaid Rent. $3280

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On July 1 the Skysong, Inc. paid $19680 to Acme Realty for 6 months rent beginning July 1. Prepaid Rent was debited for the full
amount. If financial statements are prepared on July 31, the adjusting entry to be made by the Skysong, Inc. is!
debit Rent Expense, $19680: credit Prepaid Rent, $3280.
debit Rent Expense. $19680; credit Prepaid Rent. $16400
debit Prepaid Rent. $3280, credit Rent Expense, $3280.
debit Rent Expense. $3280, credit Prepaid Rent. $3280
Transcribed Image Text:On July 1 the Skysong, Inc. paid $19680 to Acme Realty for 6 months rent beginning July 1. Prepaid Rent was debited for the full amount. If financial statements are prepared on July 31, the adjusting entry to be made by the Skysong, Inc. is! debit Rent Expense, $19680: credit Prepaid Rent, $3280. debit Rent Expense. $19680; credit Prepaid Rent. $16400 debit Prepaid Rent. $3280, credit Rent Expense, $3280. debit Rent Expense. $3280, credit Prepaid Rent. $3280
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