Question

Suppose on January 1 Aiden​'s Tavern prepaid rent of $ 13 comma 200 for the full year. At July 31​, how much rent expense should be recorded for the period January 1 through July 31​? At July 31, Aiden's Tavern should record $ 7700 of rent expense. Enter any number in the edit fields and then continue to the next question.

Answer 1

Explanation:

13,200 Rent prepaid on January 1 for 1 year

÷ 12 Months

$ 1,100 Rent expense per month

Thus, $1,100 Rent expense per month

× 7 Months

$7,700 Rent expense for January through July

At July 31, Aiden's Tavern should record $ 7700 of rent expense.