Phoenix Corp. paid rent of $12,000 per month for 3 months in advance on November 1, 2010. Phoenix accounting period ends on December 31, 2010. Which amount will be reported at December 31, 2010?
A) Prepaid Rent of $4,000 on its December 31, 2010 balance sheet
B) Rent Payable of $12,000 on its December 31, 2010 balance sheet
C) Rent Expense of $12,000 on its income statement for the year ending December 31, 2010
D) Rent Expense of $4,000 on its income statement for the year ending December 31, 2010
Correct Answer:
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