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13. Prepaid Rent

in Chapter 3 (Problem 13 of 20)
A company’s prepaid rent account showing the beginning and ending balances for Year 1 is shown below:
Prepaid Rent
6500
       
7100
The Year 1 income statement reported $8,000 in rent expense. How much cash was paid for rent in Year 1?
  1. $7,400
  2. $5,600
  3. $7,100
  4. $8,600
  5. None of the above
Watch Solution (1:36) Hide Solution Reveal Solution

The Rest Of The Practice Problems

Click Here to View All Chapter 3 Problems at Once View
1 Closing Journal Accounts Easy
2 Adjusting Entry Identification Easy
3 Current Assets Easy
4 Revenue Journal Entry Easy
5 Revenue Recognition Easy
6 Revenue Recognition Easy
7 Determining Net Income From Transactions Moderate
8 Revenue Recognition Moderate
9 Adjusting Entry - Wage Expense Moderate
10 Closing Process Moderate
11 Determining Net Income From Journal Entries Moderate
12 Adjusting Entry - Salaries Payable Moderate
13 Prepaid Rent
You are here. 		Moderate
14 When You Forget to do Adjusting Entries Hard
15 The Effect of Transactions Hard
16 Account Classifications Hard
17 Revenue and Expense Recognition Hard
18 Adjusting Journal Entries Hard
19 Adjusting Journal Entries Hard
20 Year End Closing & Account Classification Hard
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Chapter 3 Videos

1 Current Assets 9:57
2 Non-Current Assets 10:25
3 Current Liabilities 6:24
4 Non-Current Liabilites 2:00
5 The Classified Balance Sheet 4:48
6 Cash vs. Accrual Accounting 7:21
7 Expense Recognition 8:07
8 Accruals and Deferrals 15:07
9 What is an Adjusting Entry? 4:11
10 Adjusting Entry: Supplies 1:54
11 Adjusting Entry: Wages 4:52
12 Adjusting Entry: Unearned Revenue 2:11
13 Adjusting Entry: Interest 2:03
14 Contra-accounts 4:40
15 Depreciation 7:10
16 The Closing Process 10:37
Chapter 4 →