Can someone help me and explain this please? I’m not too sure on what to fill in
ID: 2413136 • Letter: C
Question
Can someone help me and explain this please? I’m not too sure on what to fill in d.com/Student/Player Test.aspx testld-1826231338centerwl-ye ecure https://www.math C-131-70 LBencsik (HFC SP18 M/TuWI/Th 7:00pm-9:35pm USAET st: Ch03 homework is Question: 7 pts lot 4 (o complete) ? On July 1, Kids Sport of Toledo prepaid six months of rent $3.000 Read the teauirements Requirement 1. Record the journal entry for the July 1 payment (Record debilts first, then o Accounts and Explanation redis Select the eglanation o the last Ine of the pournal enty table) Requirements Debit Credit Date 1. Record the journal er 2. Record the adusting 3. Using T-accounts, pos show their balances a Jul 1 last ine of the journal entry table ) Requirement 2. Record the adjusting entry required at July 31 (Record debits first then credits Select the explanation on the Date Accounts and Explanation Debit Credit Jul 31 oir balances at July 31 Ognore the Cash account) Requirement 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show B Post the joumal entry and adisoting enty to the two accounts using the dates as posting references, and then calculate and enter the ending balance of the accounts using a Bal" posting reference Prepaid Rent Rent Expense
Explanation / Answer
(1)
Date
Account & Explanation
Debit
Credit
1 july
Prepaid Rent
3000
Cash
3000
{Being Rent paid in Advance}
(2)
Date
Account & Explanation
Debit
Credit
31 july
Rent Exp (3000/6 month)
500
Prepaid Rent
500
{Being Advance Rent Adjusted}
(3) Prepaid Rent A/c
Particulars
Amount
Particulars
Amount
To cash
3000
By Rent Exp
500
By balance c/d
2500
3000
3000
To balance b/d
2500
(4) Rent Expense A/c
Particulars
Amount
Particulars
Amount
To Prepaid Rent
500
By balance c/d
500
500
500
To balance b/d
500
Date
Account & Explanation
Debit
Credit
1 july
Prepaid Rent
3000
Cash
3000
{Being Rent paid in Advance}
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