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Angela is a tenant of Bruce. On March 1, Angela paid Bruce $2,400 for 3 months of rent. On March 31, Angela's adjusting entries will
Angela is a tenant of Bruce. On March 1, Angela paid Bruce $2,400 for 3 months of rent. On March 31, Angela's adjusting entries will include one with a debit to: Prepaid Rent for $800 and a credit to Rent Expense for $800. Prepaid Rent for $2,400 and a credit to Cash for $2,400. Rent Expense for $2,400 and a credit to Prepaid Rent for $2.400. Rent Expense for $800 and a credit to Prepaid Rent for $800. For the current year, the Sales Revenue account of Hamilton, Inc. has a credit balance of $532.440 at year-end. After the closing entries have been posted, the account will: have a zero balance. be removed entirely from the general ledger. have a debit balance of $532,440. still have a credit balance of $532,440
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