If the Prepaid Rent account before adjustment at the end of the month has a debit balance of $1500,representing a payment made on the first day of the month,and if the monthly rent was $1000,the amount of prepaid rent that would appear on the balance sheet at the end of the month,after adjustment,is:

Question

Quizplus · Accepted Answer

The prepaid rent account initially had $1500, and $1000 of it is used up for the current month's rent, leaving $500 as the remaining prepaid rent.

If the Prepaid Rent Account Before Adjustment at the End