Due to the terms of its lease, Hawke Services, Inc., pays the rent for its new office
Question:
Due to the terms of its lease, Hawke Services, Inc., pays the rent for its new office space in one annual payment of $26,800 on August 1, 2018. The lease covers the period of August 1, 2018, through July 31, 2019. Hawke Services has a year-end of December 31. Assume that Hawke Services had no other prepaid rent transactions, nor did it have a Prepaid Rent beginning balance in 2018. Give the journal entries that Hawke Services would make for
(a) The annual rent payment of $26,800 on August 1 and
(b) The adjusting entry for rent expense on December 31, 2018. What is the balance of Prepaid Rent at December 31, 2018?
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a Prepaid Rent 26800 Cash 26800 To record annual ...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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