ACIS 2115 at Virginia Tech

9. Prepaid Rent

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

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 The Closing Process 10:37
Topic 5 →