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Journalize the adjusting entry needed at December 31 for each situation. Record debits first, then credits. Check your spelling carefully and do not abbreviate. Use account names exactly as given in the Chart of Accounts. Rent for the year was prepaid on January 1 in the amount of $5,280. Record the transaction for December's rent that has expired. Rent for the year was prepaid on January 1 in the amount of $5,280. Record the transaction for December's rent that has expired. Date Accounts and Explanation Debit Credit Rent Expense 440 Prepaid Rent 440 Depreciation for the current year includes Equipment, $2,200.

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Answer:

1    

dr Rent expenses 440  

cr Prepaid rent                  440

Rent december    

2    

dr Depreciation expenses 183,33  

cr Accumulate depreciation  183,33

Depreciation december

Explanation:

1    

dr Rent expenses 440  

cr Prepaid rent                  440

Rent december    

   

2    

dr Depreciation expenses 183,33  

cr Accumulate depreciation  183,33

Depreciation december

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