BE3-7 Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $25,200 ($2,100/month) in advance on October 1. (1) Record the payment of rent in advance on October 1. (2) Record the adjusting entry on December 31. (3) Calculate the year- end adjusted balances of prepaid rent and rent expense (assuming the balance of Prepaid Rent at the beginning of the year is $0). Record the adju for prepaid rent

BE3-7 Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $25,200($2,100/ month) in advance on October 1. (1) Record the payment of rent in Record the adju advance on October 1. (2) Record the adjusting entry on December 31. (3) Calculate the yearfor prepaid rent end adjusted balances of prepaid rent and rent expense (assuming the balance of Prepaid Rent at the beginning of the year is $0 )