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-   -   Need to find the total! (https://www.askmehelpdesk.com/showthread.php?t=399398)

  • Sep 24, 2009, 05:10 AM
    vikingleif
    1 Attachment(s)
    Need to find the total!
    The question is-
    The prepaid rent is for the period July 1, 1984 to June 30, 1985
  • Sep 24, 2009, 04:56 PM
    pready

    What is the date of the worksheet and when are you preparing the journal entries? My guess is at the end of the year on Dec 31, in which case you take the amount that is in Prepaid and divide it by 12 months to get the month rent amount, then take that number * 6 months to get the amount of rent paid in the period.

    The journal entry will be:
    Debit Rent Expense for the amount
    Credit Prepaid Rent for the amount

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