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Question 2 : What's Up's December 2 0 1 7 balance sheet before year - end adjustments included Prepaid Rent of $ 1 , 6

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2

What's Up's December

2017

balance sheet before year

-

end adjustments included Prepaid Rent of $

1, 680 .

The balance in Prepaid Rent represents the amount paid for renting a warehouse for one year. The rental contract covers the period from March

1

2017

to February

28 2018 .

Prepare the adjusting journal entry for December

31, 2017 .

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