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BabaBlast [244]
3 years ago
11

How would a payment for rent paid in advance be classified? Multiple Choice Claims exchange transaction Asset use transaction As

set source transaction Asset exchange transaction
Business
1 answer:
kvv77 [185]3 years ago
4 0

Answer:

Asset exchange transaction

Explanation:

Prepaid rent is an asset exchange transaction because cash (asset) is credited while prepaid rent (also an asset) is debited.

Rent paid in advance is recorded as follows:

Dr Prepaid rent

    Cr Cash

As the months go by, the prepaid rent is credited and rent expenses is debited.

Dr Rent expense month 1

    Cr Prepaid rent month 1

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