Fairmount Co. prepaid three years rent ($31,500) on January 1, 2021. At December 31, 2021, Fairmount prepared
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Fairmount Co. prepaid three years’ rent ($31,500) on January 1, 2021. At December 31, 2021, Fairmount prepared a trial balance and then made the necessary adjusting entry at the end of the year. Fairmount adjusts its accounts once each year—on December 31.
What amount appears for Prepaid Rent on
a. Fairmount’s unadjusted trial balance at December 31, 2021?
b. Fairmount’s adjusted trial balance at December 31, 2021?
What amount appears for Rent Expense on
a. Fairmount’s unadjusted trial balance at December 31, 2021?
b. Fairmount’s adjusted trial balance at December 31, 2021?
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Prepaid Rent at December 31 a Unad...View the full answer
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