Transaction 3 A store was rented for $500 per month. A lease was signed for one

Question

Transaction 3
A store was rented for $500 per month. A lease was signed for one year on March 1. Rent for the first 2 months was paid in advance. [Note: Record the March 1 transaction first and the March 31 adjustment second.]

Options for Account portion:

Cash

Accounts Recievable

Inventory

Prepaid Rent

Fixtures and Equipment

Accounts Payable

Interest Payable

Wages Payable

Notes Payable

Paid-In Capital

Retained Earnings

Leave Blank

Account: Dollar Amount:

Account: Dollar Amount:

Account: Dollar Amount:

Account: Dollar Amount:

Account: Dollar Amount:

Thank you for your help :)

Explanation / Answer

Mar 1 Account: Prepaid rent Amount: 1000 Account: Cash Amount: - 1000 mar 31 Account: Retained Earnings Amount: -500 Account: Prepaid rent Amount: -500

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