The balance in the prepaid rent account before adjustment at the end of the year is $12,864, which represents four months' rent paid on December 1. The adjusting entry required on December 31 is a. debit Rent Expense, $9,648, credit Prepaid Rent, $3,216 b. debit Rent Expense, $3,216, credit Prepaid Rent, $3,216 c. debit Prepaid Rent, $9,648, credit Rent Expense, $3,216 d. debit Prepaid Rent, $3,216, credit Rent Expense, $3,216
The balance in the prepaid rent account before adjustment at the end of the year is $12,864, which represents four months' rent paid on December 1. The adjusting entry required on December 31 is a. debit Rent Expense, $9,648, credit Prepaid Rent, $3,216 b. debit Rent Expense, $3,216, credit Prepaid Rent, $3,216 c. debit Prepaid Rent, $9,648, credit Rent Expense, $3,216 d. debit Prepaid Rent, $3,216, credit Rent Expense, $3,216
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The balance in the prepaid rent account before adjustment at the end of the year is $12,864, which represents four months' rent paid on December 1. The
a. debit Rent Expense, $9,648, credit Prepaid Rent, $3,216
b. debit Rent Expense, $3,216, credit Prepaid Rent, $3,216
c. debit Prepaid Rent, $9,648, credit Rent Expense, $3,216
d. debit Prepaid Rent, $3,216, credit Rent Expense, $3,216
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