peter pumpkin pays rates 3 months in advance ￥4500 the last

peter pumpkin pays rates 3 months in advance ￥4500 the last payment was made on 30 September 2006peter pumpkin pays rates 3 months in advance ￥4500the last payment was made on 30 September 2006his reporting period is 6 months and balance day is 30 april 2007record the balance day adjustment for rates expense in the ledger and balance the prepaid rates account on 30 april 2007explain why the balance of prepaid rates is classified as a current asset