b. Island Vista had a January 1, 2024 beginning balance in its Prepaid Rent account of $500. During the year the company made payments for prepaid rent of $1,300. Island Vista recorded rent expense for the year of $1,500. What is the company's ending balance in its Prepaid Rent account as of December 31, 20247 Ending balance in Prepaid Rent =

Applying the matching principle Suppose on January 1, Andrew’s Tavern prepaid rent of $16,800 for the full year. On November 30, how much rent expense should be recorded for the period January 1 through November 30?

Assume that rent of P14,400 was paid on September 1, 2021 to cover a one-year period from that date. Prepaid Rent was debited. If financial statements are prepared only on December 31 of each year, what amount should be debited to Rent Expense in the adjusting entry on December 31, 2021 to bring the accounts involved to their correct balances?