Jackson and Associates, a law firm, paid $12,000 for twelve months' rent in advance on October 1 of the current year. Jackson recorded the full amount as rent expense. The company's fiscal year-end is December 31. Prepare the entry made on October 1st and the necessary adjusting journal entry on December 31. (Record debits first, then credits. Exclude explanations from any journal entries.)

Prepare the journal entry for the rent payment on

OctoberOctober

1.

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Account	October 1
Rent Expense	12,000
Cash		12,000
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Prepare the necessary adjusting journal entry on December 31.

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Account

December 31

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