Question
Please explain in detail why the answer is. I had several wrong, need an explanation to the right answer, please and thank you. Question 1.)
Please explain in detail why the answer is. I had several wrong, need an explanation to the right answer, please and thank you.
Question 1.)
The balance in the prepaid rent account before adjustment at the end of the year is $15,000, which represents five months' rent paid on December 1. The adjusting entry required on December 31 is
debit Rent Expense, $3,000; credit Prepaid Rent, $3,000
debit Rent Expense, $12,000; credit Prepaid Rent, $12,000
debit Rent Expense, $5,000; credit Prepaid Rent, $5,000
debit Prepaid Rent, $10,000; credit Rent Expense, $5,000
Question 12.)
The closing entry to zero out all of the revenue accounts would requires
debits and credits to the revenue accounts
debits and credits to the revenue accounts: Incorrect.
credits to all revenue accounts for an amount equal to the existing year-end balance
debits to all revenue accounts for an amount equal to the existing year-end balance
none of the above
Question 13.)
The closing entry to zero out all of the expense accounts requires
credits to all expense accounts for an amount equal to the existing year-end balance
debits and credits to the expense accounts
debits and credits to the expense accounts: Incorrect.
debits to all expense accounts for an amount equal to the existing year-end balance
none of the above
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