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On April 1, Larken Corp. pays $36,000 for 3 years of rent. The transaction is appropriately recorded as prepaid rent. The adjusting entry on December 31, of the same year, will require a (Select all that apply.)

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abiolataiwo2015

Answer:

DR Prepaid rent

CR Rent expense

Explanation:

Based on the information given about Larken Corp in which we were been told that Larken Corp pays the rent amount of $36,000 for conservatively 3 years.

Hence since the transaction that occured is recorded as prepaid rent, this means that the adjusting entry on December 31 will be:

DR Prepaid rent

CR Rent expense

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