The balance in the prepaid rent account before adjustment at the end of the year is $12,444, which represents 12 months' rent paid on December 1. The adjusting entry required on December 31 is

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Larreanathalie6620idn Larreanathalie6620idn

05-07-2022
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The balance in the prepaid rent account before adjustment at the end of the year is $12,444, which represents 12 months' rent paid on December 1. The adjusting entry required on December 31 is

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Sharmaaashutosh169idn Sharmaaashutosh169idn · Answer 1 · 2022-07-19T07:21:27-04:00

The adjusting entry would be Debit rent expenses and credit prepaid rent by $1,037.

Adjusting journal entries are being used to report transactions that occurred but were not correctly documented using the accrual method of accounting.

There at end of an accounting period, the adjusting journal entries are filed in a company's general ledger to comply with the matching and revenue recognition standards.

The most common types of journal entry changes are accruals, deferrals, and estimates. It is used for accrual accounting reasons when one accounting period finishes and another begins..

That instance, rent expenditure for December must be acknowledged; the entry would be as follows.

DR Rent Expense =12444/12

= $1,037

CR prepaid rent $1,037

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