A business began the year with prepaid rent of £300. During the year, the business paid £3,200 in rent and, at the end of the year, the business had paid £500 rent in advance. What was the rent payable expense for the year? O A. £3,000 O B. £3,200 OC. £3,400 OD. £2,400

A business began the year with prepaid rent of £300. During the year, the business paid £3,200 in rent and, at the end of the year, the business had paid £500 rent in advance. What was the rent payable expense for the year? O A. £3,000 O B. £3,200 OC. £3,400 OD. £2,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A business began the year with prepaid rent of £300. During the year, the business paid £3,200 in rent and, at the end of the year, the business had paid £500 rent in advance.
What was the rent payable expense for the year?
O A. £3,000
OB. £3,200
O C. £3,400
O D. £2,400
C

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