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Coronado Industries paid cash of $130500 on June 1, 2017 for one years rent in...

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Accounting

Coronado Industries paid cash of $130500 on June 1, 2017 for one years rent in advance and recorded the transaction with a debit to Prepaid Rent. The December 31, 2017 adjusting entry is debit Prepaid Rent and credit Cash, $54375. debit Rent Expense and credit Prepaid Rent, $76125. debit Prepaid Rent and credit Rent Expense, $54375. debit Prepaid Rent and credit Rent Expense, $76125.

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