gh (24) to correctly report net Income for the pelou. eechosng 015. (If no entry

Question

gh (24) to correctly report net Income for the pelou. eechosng 015. (If no entry is required for a transaction, select"No journal entry required w transaction list Journal entry worksheet 20 21 22 23 24 25 26 27 > Recognized the expired rent for both the van and the office building for the year. Prepare the adjusting journal entry, if necessary Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2015 Rent expense Prepaid rent Record entry Clear entry View general journal General Ledger> eBook &Resources;

Explanation / Answer

date Account & explanation debit Credit (4) march 01, lease rent paid , year end journal for recognising expenses Dec-31-2015 Rent expenses A/c ($4800*10/12) $4000           To prepaid rent (lease rent) A/c $4000 (Being lease rent expense has been recorded) (5) office prepaid rent recognision Dec-31-2015 Rent expenses A/c $6800           To prepaid rent (Office rent) A/c $6800 (Being office rent expense has been recorded) Opening Rent recognise as rent for first Jan to April ($2000) Rent from may to December s =$7200 *8/12 =$4800 Total rent expense for 2015 =$2000+$4800 =$6800

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