Sterling Company paid $1,200 for 3 months for rent on April 1 of the current year. On April 30, Sterling Company made an adjusting entry to account for the rent that expired during of April. The adjusting entry contain a debit to Rent Expense in the amount of $(blank) and a credit to Prepaid Rent in the amount of $(blank). The remaining balance in the Prepaid Rent account afterthe adjustment was $800.a.400b.400c.800

Amount of adjusting entry was $400

Remaining Balance of Prepaid rent account was $800

Explanation:

Prepaid Rent Expense account is made to calculate the remaining balance of prepaid rent:

Prepaid Rent Account                  DR.          CR.         Balance

Apr 1. Prepaid rent                    $1,200                        $1,200

Apr 30. Rent Expense for April                  $400         $800

The remaining balance of prepaid rent account was $800.

$400 was transferred to expense account because rent expense was accrued and adjusted for one month as follows

$1,200 x (1/3) = $400

The remaining balance is $800 ( $1,200 - $400 ).

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