K On November 1, Nick's Sport Shop of Toledo prepaid six months of rent, $4,500. Read the requirements. Requirement 1. Record the journal entry for the November 1 payment. (Record debits first, then credits. Select the explanation on the last line of the journal entry Date Accounts and Explanation Nov. 1 Date Nov. 30 Prepaid Rent Cash Bal. To record rent paid in advance. Requirement 2. Record the adjusting entry required at November 30. (Record debits first, then credits. Select the explanation on the last line of the journal entry t Accounts and Explanation Credit Rent Expense Prepaid Rent Debit To record rent expense. 4,500 Debit Credit 750 4,500 750 Requirement 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances at November 30. (Ignore the Cash Post the journal entry and adjusting entry to the two accounts using the dates as posting references, and then calculate and enter the ending balance of the accou Prepaid Rent 4,500 Rent Expense

On November 1, Nick's Sport Shop of Toledo prepaid six months of rent, $4,500. feod the reguirgments: Requirement 1. Record the journal entry for the November 1 paymont. (Record debits first, then credits. Select the explanation on the last line of the joumal entr Requirement 2. Record the adjusting entry required at November 30. (Record debits first, then credits. Select the explanation on the last line of the joumal entry Requirement 3. Using T-accounts, post the joumal entry and adjusting entry to the accounts involved and show their balances at November 30 . (Ignore the Cash Post the joumal entry and adjusting entry to the two accounts using the dates as posting references, and then calculate and enter the ending balance of the acco