a-company-pays-15000-for-a-10-month-lease-on-may-1st-what-adjusting-entry-should

Question

A company pays $15,000 for a 10-month lease on May 1st. What adjusting entry should be made on October 31st?

Accepted Answer

Debit Rent Expense $$9,000, Credit Prepaid Rent 9$$,000

Answer

Debit Prepaid Rent $$15,000, Credit Rent Expense 15$$,000

Answer

Debit Prepaid Rent $$9,000, Credit Rent Expense 9$$,000

Answer

Debit Rent Expense $$15,000, Credit Prepaid Rent 15$$,000

A company pays \$15,000 for a 10-month lease on May 1st. What adjusting entry should be made on October 31st?