On December 31, 2011, the unadjusted trial balance for Tim's Ware, Inc shows Prepaid rent of 1,200. This represents the amount the company paid in August for a one-year lease effective September 1, 2011.
Tim's Ware does not prepare monthly financial statements, so it makes adjusting entries only once a year. Prepare the adjusting journal entry at December 31, 2011.
Date Transaction Debit Credit
Question 2
To prove the equality of the debit and credit balances in the general ledger accounts after the closing entries have been journalized and posted, prepare the
a. balance sheet.
b. income statement.
c. adjustments.
d. post-closing trial balance.
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