On April 7, 2023, an auditor noticed that UGL Inc. accidentally recorded a rent expenditure of $41,000 as an expense instead of as prepaid. The purchase was made on the last day of the 2022 fiscal period. Write the journal entry that should be recorded in the 2023 fiscal period to correct the Prepaid Rent account. Assume that the insurance covers the period of May 1, 2023 to April 30, 2024 and the tax rate is 30%.

Do not enter dollar signs or commas in the input boxes. Enter the credit accounts in alphabetical order.

Date	Account Title and Explanation	Debit	Credit
Apr 7	AnswerAccounts PayableAccounts ReceivableCashCommon SharesDividends PayableIncome SummaryIncome Tax ExpenseIncome Tax PayableInterest ExpenseInterest PayablePreferred SharesPrepaid InsurancePrepaid RentRent ExpenseRetained EarningsSalaries ExpenseSales Revenue	Answer
	AnswerAccounts PayableAccounts ReceivableCashCommon SharesDividends PayableIncome SummaryIncome Tax ExpenseIncome Tax PayableInterest ExpenseInterest PayablePreferred SharesPrepaid InsurancePrepaid RentRent ExpenseRetained EarningsSalaries ExpenseSales Revenue		Answer
	AnswerAccounts PayableAccounts ReceivableCashCommon SharesDividends PayableIncome SummaryIncome Tax ExpenseIncome Tax PayableInterest ExpenseInterest PayablePreferred SharesPrepaid InsurancePrepaid RentRent ExpenseRetained EarningsSalaries ExpenseSales Revenue		Answer
	To correct amounts for error recorded in prior fiscal year