On October 25,2017 Quick Corp.prints a cheque for November's rent payment.Quick Corp.mails the cheque on October 27 to the landlord.The landlord receives the cheque October 31 and cashes the cheque on November 2.When should Quick Corp.record the rent expense associated with this transaction?

Question

Quizplus · Accepted Answer

Quick Corp. should record the rent expense in November, the period in which the rent is due and the benefit is received, following the accrual accounting principle.