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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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