Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on october 1, john company paid $3,600 in advance

On October 1, John Company paid $3,600 in advance for 12 months of rent, with...

90.2K

Verified Solution

Question

Accounting

image
On October 1, John Company paid $3,600 in advance for 12 months of rent, with the rental period beginning on October 1. This $3,600 was recorded as Pre-Paid Rent Expense. As of the end of the year, no entry has yet been made to adjust the amount initially recorded. Which ONE of the following will be included in the ADJUSTING ENTRY necessary on December 31? O A CREDIT to PREPAID RENT for $2.700. O A DEBIT to PREPAID RENT for $2,700. O A DEBIT to RENT EXPENSE for $900. A CREDIT to PREPAID RENT for $2,700. O A DEBIT to PREPAID RENT for $900, O A DEBIT to CASH for $900

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students