You know that the gross amount of rent paid was USD 4,500, which was to cover a one-year period. 1 answer below »

At 2010 December 31, an adjusting entry was made as follows:

Rent Expense

1,500  

Prepaid Rent  

1,500

You know that the gross amount of rent paid was USD 4,500, which was to cover a one-year period.

Determine:

a. The opening date of the year to which the USD 4,500 of rent applies.

b. The entry that was made on the date the rent was paid.

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