Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
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Category > Management Posted 27 Feb 2018 My Price 7.00

6-month rent payment

Assume that on September 1, 2016, a 6-month rent payment for $12,000 per month (for a total of $72,000) was made with respect to a commercial lease that the company entered into on that date as a tenant. The company took occupancy of the rented space immediately. The lease term will expire on February 28, 2017 The $72,000 payment was recorded as a debit to Prepaid Rent on September 1, 2016. The adjusting entry on December 31, 2016, is as follows: Dr. 24,000 Prepaid Rent Cr. Rent Expense 24,000 Dr. Prepaid Rent 48,000 Cr. Rent Expense 48,000 Dr. Rent Expense 24,000 Cr. Prepaid Rent 24,000 Dr. Rent Expense 48,000 Cr Prepaid Rent 48,000

Show transcribed image text Assume that on September 1, 2016, a 6-month rent payment for $12,000 per month (for a total of $72,000) was made with respect to a commercial lease that the company entered into on that date as a tenant. The company took occupancy of the rented space immediately. The lease term will expire on February 28, 2017 The $72,000 payment was recorded as a debit to Prepaid Rent on September 1, 2016. The adjusting entry on December 31, 2016, is as follows:

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Maurice Tutor
(5)
Status NEW Posted 27 Feb 2018 05:02 PM My Price 7.00

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