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Prepare the adjusting journal entry necessary to adjust Prepaid Rent at December 31st if the Prepaid Rent amount in the Partial Unadjusted Trail Balance above

Prepare the adjusting journal entry necessary to adjust Prepaid Rent at December 31st if the Prepaid Rent amount in the Partial Unadjusted Trail Balance above represents one years worth of rent that was paid in advance on November 1st

Marathon Magazine, Inc. Partial Unadjusted Trial Balance December 31
Accounts Debit Credit
Supplies on Hand $2640
Prepaid Rent $2928
Salaries Payable $0
Unearned Subscription Fees $12500
Subscriptions Revenue $397000
Salaries Expense $60500
Supplies Expense $800
Rent Expense $7420

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