(Solved by Humans)-Your Turn 3-4 When Advantage Company made the rent payment on March 1, the company recorded a...
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Your Turn 3-4 When Advantage Company made the rent payment on March 1, the company recorded a decrease in cash and an increase in the asset prepaid rent. Now, it is 10 months later, and 10 months' worth of rent has been used . That means it should be recorded as rent expense. The March 1 payment was $3,600 for 1 year, which means $300 per month. Now, 10 months at $300 per month = $3,000 must be deducted from prepaid rent and added to rent expense. Then, $3,000 of rent paid on March 1 will be shown on the income statement.
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This question was answered on: 10 May, 2025
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