The balance in the prepaid rent account before adjustment at the end of the year is $13,932, which represents 12 months' rent paid on December 1. The adjusting entry required on December 31 is a.debit Rent Expense, $12,771, credit Prepaid Rent, $1,161 b.debit Rent Expense, $1,161, credit Prepaid Rent, $1,161 c.debit Prepaid Rent, $1,161, credit Rent Expense, $1,161 d.debit Prepaid Rent, $12,771, credit Rent Expense, $1,161

On October 1, Vista View Company rented warehouse space to a tenant for $2,100 per month and received $10,500 for five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting perlod ends on December 31. The Unearned Rent account balance at the end of December, after adjustment, should be: Multiple Choice $10,500. $6,300. $2,100. $8,400. $4,200. MacBook Air

The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec.   16   Accepted a $10,700, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable.     31   Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb.   14   Received Todd’s payment of principal and interest on the note dated December 16. Mar.   2   Accepted a(n) $6,600, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co.     17   Accepted a(n) $3,300, 30-day, 7% note in granting Ava Privet a time extension on her past-due account receivable. Apr.   16   Privet dishonored her note. May   31   Midnight Co. dishonored its note. Aug.   7   Accepted a(n) $7,900, 90-day, 10% note in granting a time extension on the past-due account receivable of Mulan Co. Sep.   3   Accepted a(n) $3,210, 60-day, 11% note in granting Noah Carson a time extension on his past-due account…

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