tamar656 tamar656

26-02-2020
Business

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A company forgot to prepare the adjustment to record the current month’s portion of Prepaid Rent. What is the resulting impact on the financial statements?

Respuesta :

andromache andromache

27-02-2020

Explanation:

The adjusted entry to record the prepaid rent is shown below:

Rent Expenses A/c Dr XXXXX

To Prepaid rent A/c XXXXX

(Being the prepaid rent is adjusted)

Since this above adjusting entry is not passed that results the asset account overstated together with the net income is also overstated that is shown in the income statement

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