Suppose Macomb, a specialty clothing store, rents space at a local mall for one year, paying $$24,000($$$2,000/$month$)$ in advance on October $1.$

Required:

$1.$&$2.$ Record the necessary entries in the Journal Entry Worksheet below.

$3.$ Calculate the year$-$end adjusted balances of Prepaid Rent and Rent Expense $($assuming the balance of Prepaid Rent at the beginning of the year is $$0).$