question archive a)Mystical Vista had a January 1, 2024 beginning balance in its Prepaid Rent account of $2,000
a)Mystical Vista had a January 1, 2024 beginning balance in its Prepaid Rent account of $2,000
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a)Mystical Vista had a January 1, 2024 beginning balance in its Prepaid Rent account of $2,000. During the year the company made payments for prepaid rent of $1,300. At the end of the year, December 31, 2024, the balance in the Prepaid Rent account was $900. What was the amount of rent expense for the year? Rent expense for the year =
a. Mystical Vista had a January 1, 2024 beginning balance in its Prepaid Rent account of $2,000. During the year the company made payments for prepaid rent of $1,300. At the end of the year, December 31, 2024, the balance in the Prepaid Rent account was $900. What was the amount of rent expense for the year? b. Mystical Vista had a January 1, 2024 beginning balance in its Prepaid Rent account of $400. During the year the company made payments for prepaid rent of $1,500. Mystical Vista recorded rent expense for the year of $1,400. What is the company's ending balance in its Prepaid Rent account as of December 31, 2024? c. Mystical Vista had a December 31, 2024 ending balance in its prepaid rent account of $900. During the year the company made payments for prepaid rent of $600 and recorded rent expense for the year of $500. What is the company's beginning balance in its Prepaid Rent account as of January 1, 2024?
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a. The amount of rent expense for the year is $2,400. (2000+1300-900)
b. The closing balance in $500. (400+1500-1400)
c. The opening balance is $800 (900+500-600)
