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Sirius, Inc. prepares adjusting entries only at the end of its fiscal year, August 31. Sirius has the following unadjusted Trial Balance at August 31.
Sirius, Inc. prepares adjusting entries only at the end of its fiscal year, August 31. Sirius has the following unadjusted Trial Balance at August 31. Cash $6,100 Accounts Payable $300 Prepaid Rent $3,600 Service Revenue $9.000 Rent Expense $800 Common Stock $1,500 Wages Expense $600 Retained Earnings $300 $11.100 $11.100 The following facts are available for the fiscal period: The current pay period concludes on September 8, when the employee will be paid his wages of $200. The employee earns $120 before August 31 and the rest between September 1 and September 8. . On July 1, Sirius paid $3,600 to cover its rent for the next twelve months. What balance of Prepaid Rent should be shown on the Balance Sheet
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