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Jackson Company made the annual lease payment of $9,000 for its fleet of delivery trucks. The payment was made on September 1, 2010 and covered the period September 1, 2010 to August 31, 2011. Assuming the entire amount had originally been charged to lease expense, the required adjustment on December 31, 2010 is:

a. debit lease expense and credit prepaid lease $6,000.

b. debit prepaid lease and credit lease expense $6,000.

c. debit prepaid lease and credit lease expense $9,000.

d. debit lease expense and credit prepaid lease $9,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M952343

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