Indoor Fun is a business offering various indoor sports activities to its customers and rent is one of itslargest expenses. Its partially filled Prepaid Rent account below is missing an additional $66,000 (GST-inclusive) prepaid for rent by Indoor Fun on February 8, 2022 and the recognition of rent expense forthe month of February 2022.Required:Complete the Prepaid Rent 3-column ledger below to find out the amount of rent expense incurredby Indoor Fun in February 2022. GST needs to be accounted for.Prepaid RentDateExplanationDr ($)Cr ($)Balance ($)01/2/2022Opening Balance33,00033,000 DR28/2/2022Closing Balance24,000 DRUsing the General Journal below, record the additional $66,000 (GST-inclusive) prepaid for rent andrecord the rent expense for the month of February 2022 following the completion of Prepaid Rent 3-column ledger above. GST needs to be accounted for. Narrations are not required.DateAccount titles (Details)Dr ($)Cr ($)

Name: Indoor Fun is a business offering various indoor sports activities to
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Description: Indoor Fun is a business offering various indoor sports activities to its customers and rent is one of itslargest expenses. Its partially filled Prepaid Rent account below is missing an additional $66,000 (GST-inclusive) prepaid for rent by Indoor F

Answered: n of February 2022. d: the Prepaid Rent…

Business

Accounting

n of February 2022. d: the Prepaid Rent 3 Fun in February 20: Rent

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Indoor Fun is a business offering various indoor sports activities to its customers and rent is one of its largest expenses. Its partially filled Prepaid Rent account below is missing an additional $66,000 (GST-inclusive) prepaid for rent by Indoor Fun on February 8, 2022 and the recognition of rent expense for the month of February 2022. Complete the Prepaid Rent 3-column ledger below to find out the amount of rent expense incurred by Indoor Fun in February 2022. GST needs to be accounted for. Prepaid Rent Date Explanation Dr ($) Cr ($) Balance ($) 01/2/2022 Opening Balance 33,000 33,000 DR 28/2/2022 Closing Balance 24,000 DR Using the General Journal below, record the additional $66,000 (GST-inclusive) prepaid for rent and record the rent expense for the month of February 2022 following the completion of Prepaid Rent 3-column ledger above. GST needs to be accounted…
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