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Suppose Macomb, a specialty clothing store, rents space at a local mall for one year, paying $20,400 ($1,700/month) in advance on October 1. Required: 1.&2.

Suppose Macomb, a specialty clothing store, rents space at a local mall for one year, paying $20,400 ($1,700/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).

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