i Safari File Edit View History Bookmarks Window Help 93 Tu

i Safari File Edit View History Bookmarks Window Help 93% , Tue 1:51 PM a E Hamework 3 Chegg Study Guided Solutions and Study Help | Chegg.com l Safari File Edit View History Bookmarks Window H... Chegg.com BusinessCourse O Meredith Milholland Menu My Subscriptions CoursesACCT20653:080-Intro to Accounting-TTH Financial: Ch 3: Accrual Basis of Business Accounting/ Homework 3 ACCT20653:080-Intro to Accounting-TTH Financial: Ch 1: Financial Accounting and Business Decisions ASSIGNMENT NAVIGATION QUESTION 15 incorrect Mark 0.000 out of 1.000 Rag question On April 1, 2016, Peter & Sons paid $60,000 for rent on warehouse space one year in advance If Peter & Sons makes the appropriate adjusting entry, how much will be reported on the December 31, 2016 Financial: Ch 2: 6 789 10 Processing Accounting 11 12 13 14 balance sheet as prepaid rent? Financial: Ch 3: Accrual Basis of Business Accounting 16 1718 19 20 Select one: 0 A. $60,000 21 22 23 24 25 -Financial: Ch 4: B. $15,000 Understanding Financial Statements C. $45,000 Finish attempt.. D. $-0 Financial: Ch 13: Analysis and Interpretation of Financial Statements Check Managerial: Ch 1: Overview of Managerial Accounting Incorrect Marks for this submission: 0.000/1.000 Managerial: Ch 2: Managerial Accounting Concepts and Cost Flows Previous page Next page 30

Solution

Amount reported as preaid rent on Dec 31,2016 = 60000/12*3 = $15000 Option B is correct