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Utopia Dance Clubs, Inc., rented an old warehouse for its latest club on October 1, 2010. To receive a discount, Utopia paid $ 11,700 for 18 months of rent in advance. Suppose that no additional rent is paid in 2011 and 2012 and answer the given problems:

a) How much rent expenditure will be recognized for the year ended December 31, 2010?

b) Determine the balance in the prepaid rent account at December 31, 2010?

c) How much rent expenditure will be recognized for the year ended December 31, 2011?

d) What will be the balance in the prepaid rent account of December 31, 2011?

e) How much rent expenditure will be recognized for the year ended December 31, 2012?

f) What will be the balance in the prepaid rent account at December 31, 2012?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919055

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