need help scenario B

ACCT110 W3 Homework vs 2 (1) . Word out References Mailings Review View Help Scenario B-Prepaid rent: On October 1 of the current year, the company prepaid $12,000 for one year of rent for facilities being occupied from that day forward. The company debited Prepaid Rent and credited Cash for $12,000. December 31 year-end statements must be prepared. Step 1: Determine what the current account balance equals Step 2: The current account balance should equal $9,000. Step 3: Record the adjusting journal entry to get from step 1 to step 2 1 ACCI110 - Accounting Principle