Question

To adjust for rent used up during the year that was recorded to the prepaid rent account when paid for, Multiple choice question. prepaid rent is credited, rent expense is credited rent expense is debited, prepaid rent is credited rent expense is debited, prepaid rent is debited prepaid rent is debited, rent expense is credited.

Answer 1

To adjust for rent used up during the year that was recorded to the prepaid rent account when paid for;

• Rent expense is debited, prepaid rent is credited

Prepaid rent account

A prepaid rent account simply a current asset account that's responsible for reporting the amount of future rent expense that was paid in advance of the rental period.

On this note, the amount reported on the balance sheet is the amount that has not yet been used or expired as of the balance sheet date.

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