The balance in the prepaid rent account before adjustment at the end of the year is $15,192, which represents 7 months' rent paid on December 1. The adjusting entry required on December 31 is

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The balance in the prepaid rent account before adjustment at the end of the year is $15,192, which represents 7 months' rent paid on December 1. The
adjusting entry required on December 31 is
Oa. debit Rent Expense, $13,022; credit Prepaid Rent, $2,170
Ob. debit Prepaid Rent, $2,170; credit Rent Expense, $2,170
Oc. debit Rent Expense, $2,170; credit Prepaid Rent, $2,170
Od. debit Prepaid Rent, $13,022; credit Rent Expense, $2,170
Transcribed Image Text:The balance in the prepaid rent account before adjustment at the end of the year is $15,192, which represents 7 months' rent paid on December 1. The adjusting entry required on December 31 is Oa. debit Rent Expense, $13,022; credit Prepaid Rent, $2,170 Ob. debit Prepaid Rent, $2,170; credit Rent Expense, $2,170 Oc. debit Rent Expense, $2,170; credit Prepaid Rent, $2,170 Od. debit Prepaid Rent, $13,022; credit Rent Expense, $2,170
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