Question

a net profit, then close it out to Retained Earnings siz balance in the Prepaid Rent account before adjustment at the end of the year S12,000, which represents a 6. quired on Descmksst nt puid on Decemberl. The adjuestin 31 is to debit Rent Expense, $4,000; credit Prepaid Rent, $4,000 bit Rent Expense, $8,000; credit Prepaid Rent $8,000. debit Prepaid Rent, $4,000; credit Rent Expenso $4,000 C D) $8,000 debit Prepaid Rent, $8,000; credit Rent Expense On July I, Runner's Sports Store paid $8,000to Acme Realty for 4 months rent prepared A) Debit Rent Expense, $8,000; Credt B)Debit Prepaid Rent, $2,000; Credit Rent Expense, $2,000. C) D) g July 1. Prepaid Rent was debited for the full amount. If financial statements on July 31, the adjusting entry to be made by Runner's Sports Store is Prepaid Rent, are Debit Rent Expense, $2,000; Credit Prepaid Rent, $2,000. Debit Rent Expense, $8,000; Credit Prepaid Rent, $8,000. 8. At March 1, 2011, Jupiter Corp. had supplies on hand of $500. During the month, upiter purchased supplies of $1,200 and used supplies of $1,500. The March 31 adjusting journal entry should include a A) debit to the supplies account for $1,500. B) credit to the supplies account for $500. C) debit to the supplies account for $1,200 D) credit to the supplies account for $1,500. 9. Hardwood Supplies Inc. purchased a month insurance policy on March 1, 2011 for $900. At March 31, 2011, the adjusting journal entry to record expiration of this asset will include a A) B) debit to Prepaid Insurance and a credit to Cash for $900. debit to Prepaid Insurance and a credit to Insurance Expense for $100. debit to Insurance Expense and a credit to Prepaid Insurance for $75 C) D) debit to Insurance Expense and a credit to Cash for $75.