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5. At the end of 202 your accounting clerk paid the January 203 rent early. The amount paid was $1,250. To capture this prepayment, the
5. At the end of 202 your accounting clerk paid the January 203 rent early. The amount paid was $1,250. To capture this prepayment, the clerk created a new account in the chart of accounts, Prepaid Rent Expense. You are reviewing the December Balance Sheet and Profit and Loss statements. Did the clerk record the payment correctlv hased on the information provided below? If not, what appears to h. Figure 7-Balance Sheet 12/31/ 2
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