Answered: viously paid the landlord. This entry…

Business

Accounting

viously paid the landlord. This entry will include a ____ to Prepaid Rent. A. Debit B.Credit

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section21.2: Deferrals

Problem 2AYU

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

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At the end of the fiscal period, we record an adjusting entry to account for rent expense for which we had previously paid the landlord. This entry will include a ____ to Prepaid Rent.

A. Debit

B.Credit

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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