Dental Solutions Leased a Building for 2 Years,effective May 1,20X3 $\begin{array}{lcc}\text { Rent Expense } & 2,000 & \\\text { Prepaid Rent } & & 2,000 \\\end{array}$

question 43

Multiple Choice

Dental Solutions leased a building for 2 years,effective May 1,20X3.The lease was considered an operating lease.The lease required that Dental Solutions make payments of $6,000 every 3 months,beginning on May 1,20X3.The first payment covers the period of May 1,20X3 through July 31,20X3.Assume an interest rate of 12%.What is the journal entry to be made by Dental Solutions on May 31,20X3?

• A) \(\begin{array}{lcc}
• \text { Rent Expense } & 2,000 & \\
• \text { Prepaid Rent } & & 2,000 \\
• \end{array}\)
• B)\(\begin{array}{lccc}
• \text { Rent Expense } & 2,000 & \\
• \quad \text { Cash } & & 2,000 \\
• \end{array}\)
• C)\(\begin{array}{lccc}
• \text { Rent Expense } & 4,000 & \\
• \text { Prepaid Rent } & & 4,000 \\
• \end{array}\)
• D)\(\begin{array}{lccc}
• \text { Prepaid Rent } & 2,000 & \\
• \quad \text { Rent Expense } & & 2,000 \\
• \end{array}\)
• E) \(\begin{array}{lccc}
• \text { Prepaid Rent } & 4,000 & \\
• \text { Rent Expense } & & 4,000
• \end{array}\)

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