On August 1,2011,Xcel Auto Repair Paid $6,000 in Advance for Six

question 76

Essay

On August 1,2011,Xcel Auto Repair paid $6,000 in advance for six months' rent.Xcel makes proper adjusting entries at the end of every month.What is the balance of Prepaid rent on December 31,2011?
A) $6,000
B) $1,000
C) $2,000
D) $4,000

• A) $6,000
• B) $1,000
• C) $2,000
• D) $4,000

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Definitions:

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