Bravo pays office rent at the beginning of each month of occupancy. The beginning balance of Prepaid Expenses account on March 1, 2016 was $700 and was for one month of machine rent. Machine rent is paid in advance at the end of each quarter. Use this information to prepare the General Journal entry (without explanation) for the required end of the month adjustment. If no entry is required then write "No Entry Required."

 

Cash Prepaid Expenses Accounts Payable Office Rent Expense Accounts Machine Rent Expense 3/31/16 Debit $27,500 2,800 1,200 1,400 Credit $15,000