Cherokee Hills began operations on December 1,Year 1,and immediately paid $60,000 for six months rent in advance for the period beginning December 1,Year 1.The company's accounting period ends on December 31,Year 1.Indicate how much will be reported for each of the following accounts on the company's financial statements for the period ending December 31,Year 1.If the amount reported is zero,indicate so by writing $0,and explain why zero is the appropriate amount.
A) Rent Expense

Question

Cherokee Hills began operations on December 1,Year 1,and immediately paid $60,000 for six months rent in advance for the period beginning December 1,Year 1.The company's accounting period ends on December 31,Year 1.Indicate how much will be reported for each of the following accounts on the company's financial statements for the period ending December 31,Year 1.If the amount reported is zero,indicate so by writing $0,and explain why zero is the appropriate amount.
 A) Rent Expense

Quizplus · Accepted Answer

The Answer of Cherokee Hills began operations on December 1,Year 1,and immediately paid $60,000 for six months rent in advance for the period beginning December 1,Year 1.The company's accounting period ends on December 31,Year 1.Indicate how much will be reported for each of the following accounts on the company's financial statements for the period ending December 31,Year 1.If the amount reported is zero,indicate so by writing $0,and explain why zero is the appropriate amount.
 A) Rent Expense

Cherokee Hills Began Operations on December 1,Year 1,and Immediately Paid