Question
The prepaid rent account had a balance of 65,000 at 12/31/16. This balance covered the period 10/01/16 - 3/31/17. Calculate and prepare the related adjusting
The prepaid rent account had a balance of 65,000 at 12/31/16. This balance covered the period 10/01/16 - 3/31/17. Calculate and prepare the related adjusting entry as of 12/31/16.
Rent Expense (65,000*3/6) (10/1 - 12/31/16) 32,500
Prepaid Rent 32,500
Why 65000*3/6 ?
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
