On January 1st, a business paid $7200 for six month's rent. the six month period...
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Accounting
On January 1st, a business paid $7200 for six month's rent. the six month period is January through June. what adjustment should be made at the end of january?
- debit rent expense for $7200 and credit prepaid rent for $7200
- debit rent expense for $1200 and credit prepaid rent for $1200
- debit rent expense for $14400 and credit prepaid rent for $14400
- no adjustment is required at the month end
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