Speak a Answer the following questions about prepaid expenses: Speak ember 1, Air and...
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a Answer the following questions about prepaid expenses: Speak ember 1, Air and Sea Tree Service prepaid $7,200 for six months' rent. Give the adjusting entry to record rent expense at December 31. Include the date of the entry and an explanation. Then post all amounts to the two accounts involved, and show their balances at December 31. Air and Sea adjusts the accounts only at December 31, the end of its fiscal year. b. On December 1, Air and Sea Tree Service paid $950 for supplies. At December 31, Air and Sea has $400 of supplies on hand. Make the required journal entry at December 31. Then post all amounts to the accounts and show their balances at December 31. Journal Entry Date Accounts and Explanations Debit Credit Dec 31
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