2 c. Prepaid Rent. On September
1 of the current year, the company prepaid $37.200 for two years of rent for facilities
being occupied that day. The company debited Prepaid Rent and credited Cash for $37,200.
DR or CR?
10.9
points
Prepaid Rent
37,200
Step 1: Determine what the current account balance equals.
37.200
Debit
37 200
eBook
$
37,200
Step 2: Determine what the current account balance should equal.
37200
Debit
Hint
Print
References
Credit
Step 3. Record the December 31, adjusting entry to get from step 1 to step 2.
Adjusting Entry
Debit
Rent Expense
37200
Prepaid Rent
37200

The new york times (nov. 30, 1993) reported that “the inability of opec to agree last week to cut production has sent the oil market into turmoil . . [leading to] the lowest price for domestic crude oil since june 1990.” why were the members of opec trying to agree to cut production? so they could save more oil for future consumption so they could lower the price so they could raise the price why do you suppose opec was unable to agree on cutting production? because each country has a different production capacity because each country experiences different production costs because each country has an incentive to cheat on any agreement the newspaper also noted opec’s view “that producing nations outside the organization, like norway and britain, should do their share and cut production.” what does the phrase “do their share” suggest about opec’s desired relationship with norway and britain? opec would like norway and britain to keep their production levels high. opec would like norway and britain to act competitively. opec would like norway and britain to join the cartel.