Happy Company signed a two-year lease on July 1, 2019, and paid the $34,800 total rent in

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Happy Company signed a two-year lease on July 1, 2019, and paid the $34,800 total rent in advance. Happy recorded the transaction as a debit to Prepaid Rent and a credit to Cash.

What adjusting entry should Happy make on December 31, 2019 (no previous adjustment has been made)?

Select one:

Rent Expense

8,700

Prepaid Rent

8,700

Prepaid Rent

26,100

Rent Expense

26,100

Rent Expense

17,400

Prepaid Rent

17,400

Prepaid Rent

8,700

Rent Expense

8,700

Related Book For answer-question

Intermediate Accounting IFRS

ISBN: 978-1119372936

3rd edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Posted Date: Feb 02, 2024 07:41 AM

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Happy Company signed a two-year lease on July 1, 2019, and paid the $34,800 total rent in

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The detailed answer for the above question is provided below The correct answer is D Prepaid Rent 87... View the full answer

Intermediate Accounting IFRS

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