question archive If the opening balance of rent accrued at the beginning of the year was? $1,000, rent expense for the year was? $20,000 and the closing balance of rent accrued at the end of the year was? $1,200 the amount paid in cash for rent during the year? is: A
If the opening balance of rent accrued at the beginning of the year was? $1,000, rent expense for the year was? $20,000 and the closing balance of rent accrued at the end of the year was? $1,200 the amount paid in cash for rent during the year? is: A
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If the opening balance of rent accrued at the beginning of the year was? $1,000, rent expense for the year was? $20,000 and the closing balance of rent accrued at the end of the year was? $1,200 the amount paid in cash for rent during the year? is:
A.20200
B.21000
C. 19800
D.22200
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Answer:
The amount paid in cash = Rent accrued at the beginning of the month (to be paid therefore added) + Rent Expense (increases the amount to be paid, therefore added) - Rent accrued at the end of the month (not yet paid, therefore deducted)
Therefore, amount paid in cash = $1,000 + $20,000 - $1,200
= $19,800
