Explore BrainMass

Explore BrainMass

    Adjusting Entry: Provide the missing journal entry for Prepaid rent.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Prepaid rent at 1/1/10 was $20,000. During 2010 rent payments of $123,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of $122,000.

    You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.

    © BrainMass Inc. brainmass.com June 4, 2020, 12:20 am ad1c9bdddf
    https://brainmass.com/business/journal-entries/adjusting-entry-provide-the-missing-journal-entry-for-prepaid-rent-333099

    Solution Summary

    The solution adjusting journal entry for Prepaid rent.

    $2.19

    ADVERTISEMENT