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    coolzami's Avatar
    coolzami Posts: 3, Reputation: 1
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    #1

    Apr 19, 2011, 01:01 AM
    What will be the closing entry for prepaid rent?
    Adjustment Entry,Closing Entry.Where should I do adjustment entry
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Apr 19, 2011, 09:06 AM

    Prepaid Rent is a balance sheet account or otherwise known as a permanent account and is not closed.

    At the end of the acocunting period you will have to determine how much of the prepaid rent has been used and do an adjusting entry.

    The adjusting entry will be:
    Debit Rent Expense for the amount of prepaid rent used
    Credit Prepaid Rent for the amount used during the accounting period
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
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    #3

    Apr 20, 2011, 09:43 AM


    Have you read your textbook yet. It will have explained this. Start with the index in the back


    Read this first: Expectations for the Homework Help board
    Do not simply retype or paste a question from your book or study material

    We won't do your homework questions for you.
    You were given the assignment for you to learn.

    If you come up with your own answer and post it for us to critique that is within reason.

    If you have some SPECIFIC questions that you couldn't find or didn't understand, we may help with that.
    But this is your assignment, so show us you have at least attempted to complete it on your own.

    Thank you.
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