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1) Hobbs Inc. prepaid 8 months of rent, a total of $5,600, on November 1. Hobbs did not make any adjustments to the prepaid rent
1) Hobbs Inc. prepaid 8 months of rent, a total of $5,600, on November 1. Hobbs did not make any adjustments to the prepaid rent expense account until December 31, its year-end.
- Give Hobbss journal entry on November 1 to record the prepayment of rent.
- Give Hobbss required adjusting journal entry on December 31.
- What amount will appear for rent expense on Hobbs' Income Statement for the year?
- What amount will appear for prepaid rent expense on Hobbs' December 31 Balance Sheet?
1) Hobbs Inc. prepaid 8 months of rent, a total of S5,600, on November 1. Hobbs did not make any adjustments to the prepaid rent expense account until December 31, its year-end. a. Give Hobbs's journal entry on November 1 to record the prepayment of rent. b. Give Hobbs's required adjusting journal entry on December 31 will apear for rent expense on Hobbs' Income Statement for the year? d What amount will appear for prepaid rent expense on Hobbs December 31 Balance Sheet
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International Accounting
Authors: Radebaugh
4th Edition
0471136646, 9780471136644
