Question: Please explain in detail why the answer is. I had several wrong, need an explanation to the right answer, please and thank you. Question 1.)

Please explain in detail why the answer is. I had several wrong, need an explanation to the right answer, please and thank you.

Question 1.)

The balance in the prepaid rent account before adjustment at the end of the year is $15,000, which represents five months' rent paid on December 1. The adjusting entry required on December 31 is

debit Rent Expense, $3,000; credit Prepaid Rent, $3,000

debit Rent Expense, $12,000; credit Prepaid Rent, $12,000

debit Rent Expense, $5,000; credit Prepaid Rent, $5,000

debit Rent Expense, $5,000; credit Prepaid Rent, $5,000: incorrect.

debit Prepaid Rent, $10,000; credit Rent Expense, $5,000

Question 12.)

The closing entry to zero out all of the revenue accounts would requires

debits and credits to the revenue accounts

debits and credits to the revenue accounts: Incorrect.

credits to all revenue accounts for an amount equal to the existing year-end balance

debits to all revenue accounts for an amount equal to the existing year-end balance

none of the above

Question 13.)

The closing entry to zero out all of the expense accounts requires

credits to all expense accounts for an amount equal to the existing year-end balance

debits and credits to the expense accounts

debits and credits to the expense accounts: Incorrect.

debits to all expense accounts for an amount equal to the existing year-end balance

none of the above

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