Aladdin adjusts the accounts at the end of each month. Based on these facts, the adjusting entry at…
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On January 1 of the current year, Aladdin Company paid $600 rent to cover six months (January–June). Aladdin recorded this transactions as follows:
Prepaid Rent
600
Cash
600
Aladdin adjusts the accounts at the end of each month. Based on these facts, the adjusting entry at the end of January should include
a. a credit to Prepaid Rent for $500.
b. a debit to Prepaid Rent for $500.
c. a debit to Prepaid Rent for $100.
d. a credit to Prepaid Rent for $100.
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