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X company prepares monthly financial statements the company

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X Company prepares monthly financial statements. The company rents a fax machine. The rental agreement calls for a $300 lump sum payment at the beginning of each month, plus an additional $0.07 per fax, payable in the following month. In April, 1,200 faxes were sent; in May, 1,000 faxes were sent.

What will appear on X Company's April financial statements?

Rent expense, $384;   Rent Payable, $84
Rent expense, $300;   Rent Payable, $300
Rent expense, $384;   Rent Payable, $384
Rent expense, $308;   Prepaid Rent, $308
Rent expense, $300;   Rent Payable, $84
Rent expense, $370;   Accounts Payable, $70

Reference no: EM13572950

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