A business began the year with prepaid rent of pound£300. During the year, the business paid pound£3,200 in rent and, at the end of the year, the business had paid pound£500 rent in advance. What was the rent payable expense for the year?

A business began the year with prepaid rent of pound£300. During the year, the business paid pound£3,200 in rent and, at the end of the year, the business had paid pound£500 rent in advance. What was the rent payable expense for the year?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11Q: If the Prepaid Insurance account had a balance of $12,000, representing one years policy premium,...

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Question

A business began the year with prepaid rent of

pound£300.

During the year, the business paid

pound£3,200

in rent and, at the end of the year, the business had paid

pound£500

rent in advance.

What was the rent payable expense for the year?

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