If a Company Reporting on a Calendar Year Basis, Paid

question 195

True/False

If a company reporting on a calendar year basis, paid $18,000 cash on January 1 for one year of rent in advance and adjusting entries are made at the end of each month, the balance of Prepaid Rent as of December 1 should be $1,500.
$18,000 x 1/12 = $1,500

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Definitions:

Plant Height

A phenotypic trait of plants that indicates the vertical growth from the base to the highest point of the plant, influenced by genetic and environmental factors.

Widow's Peak

A V-shaped point in the hairline in the center of the forehead.

Dominant

A trait or gene that is expressed in the phenotype even when only one copy is present, overshadowing the recessive trait.

Heterozygous

A genetic condition where an individual has two different alleles for a specific gene.