Adjusting Entries: Prepaid Rent
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Adjusting Entries: Prepaid rent at 1/1/06 was $30,000. During 2006 rent payments of $100,000 were made and charged to "rent expense." The 2006 income statement shows as a general expense the item "rent expense" in the amount of $125,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr for debit and Cr for credit.
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Solution Summary
The solution explains how to prepare the adjusting entry for prepaid rent.
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