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4 . On September 1 , BarCo signs a 2 - year rental agreement for a total of $ 6 , 0 0 0 which

4 .

On September

1,

BarCo signs a

2 -

year rental agreement for a total of $

6, 000

which it pays in advance.

.

If the prepayment was booked as prepaid rent, what is the year

-

end adjusting entry?

Date Accounts and Explanation Debit Credit

.

If the prepayment was booked as rent expense, what is the year

-

end adjusting entry?

Date Accounts and Explanation Debit Credit

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