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What amount should appear on the closing balance sheet

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Problem a. Locke Ltd has a year-end of December 31st. On August 31st, 2013, it paid (in cash) $27,000 of rent for the six months ending on February 28th, 2014. What amount should appear in the 2013 income statement? What amount should appear on the closing balance sheet for 2013? Record these transactions in a transaction worksheet.

Problem b. Now suppose that the next two semi-annual rent payments are:

February 28th, 2014 $30,000

August 31st, 2014 $36,000

What amount should appear in the 2014 income statement? What amount should appear on the closing balance sheet for 2014? Record these transactions in a transaction worksheet.

Reference no: EM132612752

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