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how would the adjusting entry be if one month of rent expired? assuming the original joirnal entry was Dr: Rent expense 4000 Dr: Prepaid Rent
how would the adjusting entry be if one month of rent expired? assuming the original joirnal entry was
Dr: Rent expense 4000
Dr: Prepaid Rent 4000
Cr: Cash 8000
Paid first and last months rent, $8,000 total (this amount covers two months rent as follows: 1.) March of Year 1 and 2.) some future month at the end of the business operations), to Sampras Rent Co. Assume the entire rent amount is paid for the retail store space; no rent is to be allocated to office space.
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