What amount should appear for prepaid rent on the april

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Reference no: EM132651210

Problem 1: Which of the following accounts is zero'd out in closing entries?

Option 1: Cost of Goods Sold

Option 2: Accounts Receivable

Option 3: Intangible Assets

Option 4: Long-term Debt

Problem 2: On April 1, Zhang Company pays $15,000 for rent; $5,000 for April rent and the remaining $10,000 for rent in May and June. Assuming Zhang prepares financial statements as of April 30, what amount should appear for Prepaid Rent on the April 30 balance sheet?

Option 1: $15,000

Option 2: $5,000

Option 3: $10,000

Option 4: $0

Reference no: EM132651210

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