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On July 1. Vaughn's Sports Store paid $14920 to Cullumber Realty for 4 months rent beginning July 1. Prepaid Rent was debited for the full
On July 1. Vaughn's Sports Store paid $14920 to Cullumber Realty for 4 months rent beginning July 1. Prepaid Rent was debited for the full amount of financial statements are prepared on July 31, the adjusting entry to be made by Vaughn's Sports Store is Debit Rent Expense, 53730; Credit Prepaid Rent. 3730. O Debit Prepaid Rent 53730 Credit Rent Expense. $3730 O Debit Rent Expense. $14920Credit Prepaid Rent $14920 Debit Rent Expense $14920: Credit Prepaid Rent 33730
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