Prepare adjusting entry and find balance in prepaid rent

Reference no: EM1317153

On September 1, Banger Bros Company paid $9,000 for one year of rent, in advance. Assume no entries were made until the end of the year.
1. Prepare the adjusting entry for December 31^st to reflect the amount of rent expense consumed.
2. What is balance in prepaid rent on December 31^st after the adjusting entry has been made?

Reference no: EM1317153

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