Tuesday
September 16, 2014

Homework Help: Accounting

Posted by Samantha on Tuesday, February 27, 2007 at 3:13pm.

I need help with a problem involving adjusting entries. It is involving rent expense and prepaid rent.

Here is the information I am given on the Unadjusted Trial Balance, Dec. 31, 2005:
Prepaid studio rent: 2,500
Studio rent expense: 11,250

The data says, "The studio pays rent quarterly (every 3 months). The last payment was made November 1, 2005. The next payment will be made early in February 2006."

I know I have to put a debit towards the rent expense and a debit towards prepaid studio rent - but I'm not sure what values to put and what explanation I should put for it.

Thanks! :)

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

accounting and finance - unadjusted trail balance(December 31,2008)(Bed Bugs R ...
accounting and finance - unadjusted trail balance(December 31,2008)(Bed Bugs R ...
college - unadjusted trail balance(December 31,2008)(Bed Bugs R Us Ltd): prepaid...
Financial Accounting - Hobbs Company started the year with $6,000 of prepaid ...
accounting - List the following steps of the accounting cycle in their proper ...
accounting - List the following steps of the accounting cycle in their proper ...
college Accounting - The ledger of Piper Rental Agency on March 31 of the ...
accounting - Worksheet data for Goode Company are presented in E4-2. ...
Accounting - Worksheet data for Goode Company are presented in E4-2. ...
accounting - P4-2A Gil Vogel started his own consulting firm, Vogel Consulting, ...

Search
Members