The Accounting Cycle

Begin with the following account balances for University Street Parking Garage $($assume all accounts have normal balances$)$ at December $31,2025$:

Required:

a$.$ University Street Parking rents space that requires a rental payment of $$9,100$ per month. University Street Parking has prepaid rent through March $31,2026.$

b$.$ At December $31,2025,$ University Street Parking owes employees wages of $$12,500.$

c$.$ University Street Parking should have total depreciation expense on equipment for $2025$ of $$14,300.$

d$.$ The note payable of $$160,000$ has an interest rate of $6\mathrm{.}75\%.$ University Street Parking has paid interest through October $31,2025.$

a$.$ Rent Expense $$

Prepaid Rent $$

b$.$

Wages Payable

$$

c$.$

Accumulated Depreciation $($equipment$)$

$$

$x$

$x$

$$

$x$

d$.$

$$

Interest Payable

$$