Prepaid Rent Practice Problem - Acct 2331, The University of Houston

in Chapter 3 (Problem 14 of 24)

Moderate

A company’s prepaid rent account showing the beginning and ending balances for Year 1 is shown below:

The Year 1 income statement reported $8,000 in rent expense. How much cash was paid for rent in Year 1?

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

1	Cash vs. Accrual Accounting	7:21
2	Expense Recognition	8:07
3	Accruals and Deferrals	15:07
4	What is an Adjusting Entry?	4:11
5	Adjusting Entry: Supplies	1:54
6	Adjusting Entry: Wages	4:52
7	Adjusting Entry: Unearned Revenue	2:11
8	Adjusting Entry: Interest	2:03
9	Contra-accounts	4:40
10	Depreciation	7:10
11	Current Assets	9:57
12	Non-Current Assets	10:25
13	Current Liabilities	6:24
14	Non-Current Liabilites	2:00
15	The Classified Balance Sheet	4:48
16	Contributed Capital	5:10
17	Retained Earnings vs Shareholder's Equity	6:41
18	The Multistep Income Statement	12:44
19	The Closing Process	10:37
20	Ratios: Working Capital	2:29
21	Ratios: Current Ratio	4:00

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