When Mookie The Beagle Concierge started stocking Mookie The Beagle Concierge branded inventory, Cy

rented a centrally located storage locker with digital access. This permits Mookie The Beagle Concierge

contractors to access the storage locker for deliveries to customers. Cy has digital surveillance and from his

smartphone can electronically permit the contractors access when they arrive at the storage locker. In addition, all

inventory has an RFID chip that is automatically read when the contractor exits the storage locker door. This

feature improves inventory control in that Cy is immediately notified on his smartphone when any inventory is

removed from the storage locker. The storage locker streamlines operations. The only issue is that Cy overlooked

recording the storage locker rental in QBO.

Complete the following adjusting entry for Mookie The Beagle Concierge.

In anticipation of stocking Mookie The Beagle Concierge branded inventory, Cy charged $$1,800$ for six months

storage locker rental from Lynne's Space to Mookie The Beagle Concierge's VISA credit card on January $1,2024.$

So at the end of the accounting period on January $31,$ Mookie The Beagle Concierge has used one month of rent

@$$300($ $$1,\frac{800}{6}$ months $=$$$300$ per month$).$ The unused rent $(5$ months @ $$300=$$$1,500)$ is Prepaid Expenses:

Rent, an asset account with future benefit.

Since Cy had not recorded anything related to the storage locker rental, an adjusting entry is needed to bring

accounts up to date at January $31.$

$(1)$ Complete the following table.