Solved: Why rent expense need to be listed and then prepaid rent, Accounting Basics

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Why rent expense need to be listed and then prepaid rent

Problem:

On Apr. 1: Does Rent Expense need to be listed first and then Prepaid Rent? Why?

April 1 Signed a one year office building rental agreement for $12,000. The company paid the entire amount of $12,000. The portion of the cost related to April is recorded as an expense for April.

Apr 1 Rent Expense 1,000
Prepaid Rent 11,000
Cash 12,000

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Accounting Basics: Why rent expense need to be listed and then prepaid rent

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Accounting Basics: Why rent expense need to be listed and then prepaid rent

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