ABC uses the accrual basis of accounting. The amount of rent expense for Y2 was...
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Accounting
ABC uses the accrual basis of accounting. The amount of rent expense for Y2 was $100,000 and the amount of cash received from customers was $200,000. Selected information obtained from the companys comparative balance sheets is shown below:
12/31/Y1
12/31/Y2
Prepaid Rent
$6,000
$8,000
Rent Payable
$8,000
$4,000
Accounts Receivable
$10,000
$8,000
Unearned Revenue
$7,000
$10,000
Compute the amount of cash paid for rent in Y2.
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