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Due to the lerms of its leaso, Hamke Services, Inc., pays the rent for its...

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Accounting

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Due to the lerms of its leaso, Hamke Services, Inc., pays the rent for its new office space in one annual payment of 526,800 on August 1,2021. The lease covers the period of August 1, 2021 , through July 31,2022 . Hawke Services has a year-end of Decomber 31. Assume that Hawke Sonvices had no other prepaid rent transactions, nor did 14 have a Prepald Rent beginning balance in 2021. Give the journal entries that Hawke Services would make for (a) the annual eent payment of $26,800 on Awgust 1 and (b) the acfusting entry for rent expense on Deceenber 31 , 2021. What is the balance of Prapaid Rent at Decomber 31, 2021? Give the journal entries that Hawke Sorvices would make for (a) the annual rent payment of $26.800 on August 1 and (b) the adfusting ersty for tent oxpense on Dectmber 31,2021 . What is the balance of Prepaid Rent at December 31, 2021? (Recond debits first, then credits. Exclude explanations from any journal sntries.) Give the journal entry that Hawke Services would make for (a) the annual rent payment of $26.800 cn August 1

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