The Account Title Used for Recording the Payment of Rent

question 69

Multiple Choice

The account title used for recording the payment of rent in advance for an office building is ________.

• A)prepaid rent
• B)rent payable
• C)rent revenue
• D)rent expense

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Definitions:

Petty Cash

A small amount of cash on hand used for covering minor expenses in a business, such as office supplies or coffee.

Account

A report or description of an event or experience, or the management and arrangement of financial expenditure and receipts.

Commission

A fee or percentage allowed to agents or salespeople for their services.

Salesperson

An individual who sells goods and services to others, aiming to meet customers' needs and ensure satisfaction.