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Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $19,800 ($1,650/month) in advance on October 1. 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of prepaid rent and rent expense (assuming the balance of Prepaid Rent at the beginning of the year is $0). prepaid rent ending balance:______________ rent expense ending balance:______________

Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $19,800 ($1,650/month) in advance on October 1. 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of prepaid rent and rent expense (assuming the balance of Prepaid Rent at the beginning of the year is $0). prepaid rent ending balance:______________ rent expense ending balance:______________

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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Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $19,800 ($1,650/month) in advance on October 1.

  1. 1.&2. Record the necessary entries in the Journal Entry Worksheet below.

  2. 3. Calculate the year-end adjusted balances of prepaid rent and rent expense (assuming the balance of Prepaid Rent at the beginning of the year is $0).

prepaid rent ending balance:______________

rent expense ending balance:______________

Journal entry worksheet 1 2 > Record the adjusting entry for prepaid rent on December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal
Transcribed Image Text:Journal entry worksheet 1 2 > Record the adjusting entry for prepaid rent on December 31. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal
Journal entry worksheet 1 2 > Record the payment of rent in advance on October 1. Note: Enter debits before credits. Date General Journal Debit Credit October 01 Record entry Clear entry View general journal
Transcribed Image Text:Journal entry worksheet 1 2 > Record the payment of rent in advance on October 1. Note: Enter debits before credits. Date General Journal Debit Credit October 01 Record entry Clear entry View general journal
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