On 1 August 2013, Xcel Auto Repair paid $6 000 in advance for six months' rent. Xcel makes proper adjusting entries at the end of every month. What is the balance of Prepaid rent on 31 December 2013?
A) $2 000
B) $4 000
C) $1 000
D) $6 000
Correct Answer:
Verified
Q68: On 1 January 2014, Lexmark Company's Accounts
Q69: On 1 March 2013, Joy Company paid
Q70: The adjusting entry to record Depreciation expense
Q71: Active Education sells tickets in advance for
Q72: In accounting, depreciation is the:
A)sale of an
Q74: The Supplies account for Vulcan Cleaning Services
Q75: The Accumulated depreciation account is:
A)a contra account
Q76: On 31 December 2012, the balance in
Q77: A business pays its insurance premium of
Q78: The beginning balance in the Supplies account
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents