The Family Dental Corporation prepays the rent on its dental
The Family Dental Corporation prepays the rent on its dental office. On July 1, the corporation paid $18,000 for 6 months of rent
How much Rent Expense should Family Dental Corporation record the three months ended September 30 under the cash basis? Why?
What will be an ideal response
ANSWER
Family Dental should report Rent Expense of $18,000 because expenses are recorded when cash is paid.
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