This is hard and bank is not an option for one entry like I

This is hard and \"bank\" is not an option for one entry like I was told when I asked this question last night. Please use accoutning entry names. Thank you.

REVISED: Right there are no transactions, but there has to be 2 terms that can be used to show how paying for 2 months of rent can be documented in a journal.

Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying $24,000 ($2,000/month) in advance on October 1 25. 100 ponts value: Required information You did not receive full credit for this question in a previous attempt 1.& 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select \"No journal entry required\" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for rent used till December 31 Note: Enter debits before credits. Date General Journal Deblt Credit December 31 Record entry Clear entry View general journal

Solution

Answer

There is a Bank or Cash account involved in Entry 1 as Rent is paid in money and Cash or Bank account must be credited.

Date

Dr. $

Cr. $

October 1

Prepaid Rent ($2,000 * 12 Months)

24,000

Cash / Bank

24,000

(Being insurance paid in advance)

December 31

Rent Expense ($2,000 * 3)

6,000

Prepaid Rent

6,000

(Being Rent expense for 3 months i.e. from October to December adjusted)

Date		Dr. $	Cr. $
October 1	Prepaid Rent ($2,000 * 12 Months)	24,000
	Cash / Bank		24,000
	(Being insurance paid in advance)
December 31	Rent Expense ($2,000 * 3)	6,000
	Prepaid Rent		6,000
	(Being Rent expense for 3 months i.e. from October to December adjusted)