2
c. Prepaid Rent. On September
1 of the current year, the company prepaid $37.200 for two ye...
Business, 01.07.2021 03:10 zaylelangaigne2006
2
c. Prepaid Rent. On September
1 of the current year, the company prepaid $37.200 for two years of rent for facilities
being occupied that day. The company debited Prepaid Rent and credited Cash for $37,200.
DR or CR?
10.9
points
Prepaid Rent
37,200
Step 1: Determine what the current account balance equals.
37.200
Debit
37 200
eBook
$
37,200
Step 2: Determine what the current account balance should equal.
37200
Debit
Hint
Print
References
Credit
Step 3. Record the December 31, adjusting entry to get from step 1 to step 2.
Adjusting Entry
Debit
Rent Expense
37200
Prepaid Rent
37200
Answers: 1
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