Homework Answers
On September 1, 2020, $92,800 was paid as three year rent on office building.
Rent expense on office building for year 2020 = 92,800 x 4/36
= $10,311
Prepaid rent on office building on Dec 31, 2020 = Rent paid - Rent expense
= 92,800 - 10,311
= $82,489
On june 1, 2020, $50,000 was paid as 2 year rent on storage building.
Rent expense on storage building for year 2020 = 50,000 x 7/24
= $14,583
Prepaid rent on storage building on Dec 31, 2020 = Rent paid - Rent expense
= 50,000 - 14,583
= $35,417
Prepaid rent on Dec 31, 2020 balance sheet = Prepaid rent on office building on Dec 31, 2020 + Prepaid rent on storage building on Dec 31, 2020
= 82,489 + 35,417
= 117,906
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explaining
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