This Test: 200 pts possible This Question: 7 pts 1 of 26 (0 complete) Due to the terms of its lease, Pigeon Services, Inc., pays the rent for its new office space in one annual payment of $22,000 on August 1, 2016. The lease covers the period of August 1, 2016, through July 31, 2017. Pigeon Services has a year-end of December 31. Assume that Pigeon Services had no other prepaid rent transactions, nor did it have a Prepaid Rent beginning balance in 2016. Give the journal entries that Pigeon Services would make for (a) the annual rent payment of $22,000 on August 1 and (b) the adjusting entry for rent expense on December 31, 2016. What is the balance of Prepaid Rent at December 31, 2016? Give the journal entries that Pigeon Services would make for (a) the annual rent payment of $22,000 on August 1 and (b) the adjusting entry for rent expense on December 31, 2016. What is the balance of Prepaid Rent at December 31, 2016? (Record debits first, then credits. Exclude explanations from any journal entries.) Give the journal entry that Pigeon Services would make for (a) the annual rent payment of $22,000 on August 1. Journal Entry Date Accounts Debit Credit Aug 1 Give the journal entry that Pigeon Services would make for (b) the adjusting entry for rent expense on December 31, 2016. (Do not round any intermediary calculations, and round your final answer to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit Dec 31 What is the balance of Prepaid Rent at December 31, 2016? Prepaid rent balance at December 31 is $ This Test: 200 pts possible This Question: 7 pts 1 of 26 (0 complete) Due to the terms of its lease, Pigeon Services, Inc., pays the rent for its new office space in one annual payment of $22,000 on August 1, 2016. The lease covers the period of August 1, 2016, through July 31, 2017. Pigeon Services has a year-end of December 31. Assume that Pigeon Services had no other prepaid rent transactions, nor did it have a Prepaid Rent beginning balance in 2016. Give the journal entries that Pigeon Services would make for (a) the annual rent payment of $22,000 on August 1 and (b) the adjusting entry for rent expense on December 31, 2016. What is the balance of Prepaid Rent at December 31, 2016? Give the journal entries that Pigeon Services would make for (a) the annual rent payment of $22,000 on August 1 and (b) the adjusting entry for rent expense on December 31, 2016. What is the balance of Prepaid Rent at December 31, 2016? (Record debits first, then credits. Exclude explanations from any journal entries.) Give the journal entry that Pigeon Services would make for (a) the annual rent payment of $22,000 on August 1. Journal Entry Date Accounts Debit Credit Aug 1 Give the journal entry that Pigeon Services would make for (b) the adjusting entry for rent expense on December 31, 2016. (Do not round any intermediary calculations, and round your final answer to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit Dec 31 What is the balance of Prepaid Rent at December 31, 2016? Prepaid rent balance at December 31 is $
