A one-year store rental lease was signed on March 1 for $14,400 for the year, an

Question

A one-year store rental lease was signed on March 1 for $14,400 for the year, and rent for the first 3 months was paid in advance. [Note: Record the complete entry for the March 1 transaction first and the complete adjusting entry on March 31 second.] Account: Dollar amount: Cash Dollar amount: Dollar amount: Dollar amount: Acon Accounts Recelvable Inventory Prepaid Rent Fixtures and Equipment Aocounts Payable Account: Account: Interest Payable Viages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Account: Dollar amount: Submit

Explanation / Answer

Prepaid rent 3600 =14400/12*3 Cash -3600 Rent expense 1200 Prepaid rent -1200

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