A business began the year with prepaid rent of pound£300. During the year, the business paid pound£3,200 in rent and, at the end of the year, the business had paid pound£500 rent in advance. What was the rent payable expense for the year?

A business began the year with prepaid rent of pound£300. During the year, the business paid pound£3,200 in rent and, at the end of the year, the business had paid pound£500 rent in advance. What was the rent payable expense for the year?

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

pound£300.

During the year, the business paid

pound£3,200

in rent and, at the end of the year, the business had paid

pound£500

rent in advance.

What was the rent payable expense for the year?

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