Cherokee Hills Began Operations on December 1, 2019, and Immediately

question 190

Essay

Cherokee Hills began operations on December 1, 2019, and immediately paid $60,000 for 6 months rent in advance for the period beginning December 1, 2019. The company's accounting period ends on December 31, 2019. Indicate how much will be reported for each of the following accounts on the company's financial statements for the period ending December 31, 2019. If the amount reported is zero, indicate so by writing $0, and explain why zero is the appropriate amount.
A)Rent Expense
B)Rent Payable
C)Rent Revenue
D)Prepaid Rent

• A)Rent Expense
• B)Rent Payable
• C)Rent Revenue
• D)Prepaid Rent

---

Definitions:

President

The elected head of a republican state or organization who typically represents the leadership or authority.

Weak Relationship

Describes a connection or correlation between variables that is minimal or not statistically significant.

Subjective Predictors

Variables perceived by individuals that they believe will predict future outcomes, often based on personal judgment.

Happiness

A state of wellness characterized by emotions ranging from contentment to intense joy.