Madissons Flower Shops Prepaid Rent balance is $5,400 on July 1. This prepaid rent represents nine months

Question:

Madisson’s Flower Shop’s Prepaid Rent balance is $5,400 on July 1. This prepaid rent represents nine months’ rent. Journalize and post the adjusting entry on July 31 to record one month’s rent. Compute the balances of the two accounts involved on July 31.