Brief Exercise $3-7($Static$)$ Record the adjusting entry for prepaid rent $($LO$3-3)$

Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying month$)$ in advance on October $1.$

Required:

$1.$&$2.$ Record the necessary entries in the Journal Entry Worksheet below.

$3.$ Calculate the year$-$end adjusted balances of Prepaid Rent and Rent Expense $($assuming the balance of Prepaid Rent at the beginning of the year is $$0).$

Complete this question by entering your answers in the tabs below.

Record the necessary entries in the Journal Entry Worksheet below. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

$1$

$2$

Record the purchase of rent for one year, paying $$25,200($ $$2,\frac{100}{?}$ month$)$ in advance on October $1.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$October $01,,,],[,,,]]$