Turnkey systems, inc. began the month of june, 2014 with a prepaid expenses balance of $240,000. during the month, debits totaling $110,000 and credits totaling $80,000 were made to the prepaid expenses account. what was the june, 2014 ending balance of prepaid expenses?

The ending balance of prepaid expense can be calculated using the following formula:

Ending balance = Beginning Balance + Debit entries - Credit Entries

We are given the following information:

Beginning Balance = $240,000

Total Debit entries = $110,000

Total Credit entries = $80,000

Hence,

Ending balance = 240000+110000-80000 = 270,000

The ending balance of prepaid expense shall be $270,000