if the prepaid rent is $3480 and rent expense is 8020 and cash is 650. Find...
if the prepaid rent is $3480 and rent expense is 8020 and cash is 650. Find the balance in the Prepaid Rent account is for six months of rent commencing March 1, 2020.
Homework Answers
| Prepaid rent paid = | $3,480 |
| Prepaid rent means the payment of rent is made in advance against rent expenses | |
| this can be transferred in rent expenses account on the basis of expire of time | |
| If six moth is expired it means rent exenses of six month is accrued | |
| Rent Expenses = $ 3,480 X 6 /12 = | $1,740 |
| BALANCE IN PREPAID RENT: | |
| Prepaid Expenses | $3,480 |
| Less: Rent Expensses | $1,740 |
| Balance in Prepaid rent | $1,740 |
| Answer = $ 1,740 | |
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