On May 15th, Bain Bathtubs Signed a Lease to Rent

question 56

Multiple Choice

On May 15th, Bain Bathtubs signed a lease to rent a storefront starting on June 1st for the next two years at $1,000 per month.They paid the first two months' rent in advance on signing the lease.On May 15th how would the transaction be recorded?

• A)An increase in expenses of $2,000 and a decrease in cash of $2,000.
• B)An increase in expenses of $24,000 and a decrease in cash of $24,000.
• C)An increase in prepaid rent of $2,000 and a decrease in cash of $2,000.
• D)An increase in prepaid rent of $24,000 and a decrease in cash of $24,000.

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