Prepaid rent at 1110 was 20000. during 2010 rent payments, Ask an Expert

Accounting

Prepaid rent at 1/1/10 was $20,000. During 2010 rent payments of $123,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of $122,000.

You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9277401

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