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The balance in the Prepaid Rent account before adjustment at the end of the year is $15,600, which represents 12 months rent paid on September 1. The adjusting entry required on December 31 to show the amount of rent that had expired is:

The balance in the Prepaid Rent account before adjustment at the end of the year is $15,600, which represents 12 months rent paid on September 1. The adjusting entry required on December 31 to show the amount of rent that had expired is:

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter3: Basic Accounting Systems: Accrual Basis
Section: Chapter Questions
Problem 5SEQ: The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co....
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The balance in the Prepaid Rent account before adjustment at the end of the year is $15,600, which represents 12 months rent paid on September 1. The adjusting entry required on December 31 to show the amount of rent that had expired is:

 

Multiple Choice
  •  
    Account Name Debit Credit
    Rent expense $1,300  
    Cash   $1,300
  •  
    Account Name Debit Credit
    Rent expense $5,200  
    Cash   $5,200
  •  
    Account Name Debit Credit
    Rent expense $5,200  
    Prepaid rent
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