On January 1, 20X4, Crawford Company paid $4,000 for January, February, March and April's rent in advance. The company recorded this transaction by increasing the balance in the Prepaid Rent account. The balance in the Prepaid Rent account as of February 28, 20X4, will be:
increase assets and owner's equity ... Exhibit 2 displays a payment on account from Gillman Paper Company to ... Sherry pays $3000 of rent in advance on April 25th for the months of May, June, and July. ... Salaries of $4000 were paid.6.
