Review Of A Company's Accounting System. New York has a statewide grace period of five days. $1,400 The whole picture involves whats right and whats fair, not just what the legal rule says. .hide-if-no-js { Expenses are reported in the same period as the revenues to which they relate. i. Lorem ipsum dolor sit am. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is b. On December 31,, A:A journal entry is a means of recording all of a company's individual financial transactions in its, Q:Paradise Realty Co. pays weekly salaries of $16,350 on Friday for a five-day workweek ending on that, A:If the accounting period ends on Monday, the salary payable will be only for one day (Monday)., Q:On December 1 of the current year, Prepaid Rent was debited $7,200 for three months of rent, to, A:Prepaid expenses refer to the expenses of the business that are paid in advance before such expense, Q:Suppose on January 1 Andrew's Tavern prepaid rent of $6,000 for the full year. Assets understated by $600; net income overstated by $600. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. The companys monthly rent is $700. The adjusting entry on December 31 is a debit to Prepaid Rent, $9,000, and a credit to Rent Expense, $9,000. Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. Traditionally, international tenants without a U.S. credit history would put down either a heftier security deposit or prepay rent in order to secure an apartment. $2,100 b. Therefore, the credit to Supplies in the, adjusting entry is for the amount of supplies. A potential workaround is a situation in which a property owner takes one years prepaid rent and places it into an escrow or a bank account that acts as a third party and pays the owner monthly. To illustrate the required journal entries and calculations for a TIA lets assume the following facts: Base Rent: $1,000 annual payment (in arrears) in years 1-5, and $2,000 annual payment (in arrears) in years 6-10, Incentive: $1,000 tenant improvement allowance for leasehold improvements, received from lessor at lease commencement. Balance of Unearned Rent, A:Adjusting entries: Therefore, the journal entry for a lessee at lease inception is to record the payment as a debit to cash, and to record an offsetting credit to a lease incentive obligation liability, which is amortized (as a reduction to rent expense) over the life of the lease. PLS I NEED THREE DIFFERENCES BETWEEN NEEDS AND WANTS. Set up a 4-digit Personal Identification Number. An example of deferred revenue is Unearned Rent. These tenants then argue with us because nobody seems to understand that prepaid rent was outlawed. More importantly, they may have increased the value of your property. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. The adjusting entry on December31 is, debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800, debit Insurance Expense, $1,500; credit Prepaid Insurance, $1,500, debit Insurance Expense, $2,100; credit Prepaid Insurance, $2,100, debit Prepaid Insurance, $1,800; credit Cash, $1,800, Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. On July 1, a business collected $3,300 rent in advance, debiting Cash and crediting Unearned, A:When an event occurs in the business and it can be measured and expressed in terms of money, it, Q:Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying, A:The adjustment are to be paid if expenses are due and not yet paid or expenses are paid in advance, Q:On October 1, Vista View Company rented warehouse space to a tenant for $3,900 per month and, A:Answer) [1] New York State Real Property Law 235-g, [2] New York State Real Property Law 235-e, [3] New York State Real Property Law 238-a, [4] New York State Real Property Law 235-e, [6] New York State Real Property Law 223-b, [7] New York State Real Property Law 226-c, [8] Fact Sheet #1: Rent Stabilized and Rent Control, New York State Office of Rent Administration (Sept. 2019). Gracie, inc. made a prepaid rent payment of $2,800 on january 1. the company's monthly rent is $700. Experts are tested by Chegg as specialists in their subject area. On the basis of the following data, (a) journalize the adjusting entries at December 31, the end of the current fiscal year, and (b) journalize the reversing entries on January 1, the first day of the following year: 1. We also dont know if accepting prepaid rent would be considered a misdemeanor or a felony under the new laws. Resources It shows the financial position and the operating performance of the company. Website design by, Disinfection: A Conversation 1 Year Into COVID-19, Houlihan Lawrence Announces Four New Agents Join New Canaan Office, Rising Stars Marko Arsic and Jason Lau Form New Sales Team at Corcoran, Melissa Ziweslin Brings Corcoran Sunshine Marketing Group to the Sunshine State, Corcoran Expands Its Florida Footprint to Sarasota and St. Petersburg, Luxury Home Markets North of NYC Report Record Sale Gains for 2021. When calculated, the total lease payments is $15,000 (5 x $1,000 + 5 x $2,000). A common error is to continue amortizing the TIA over the initial lease term without adjusting the amortization period to reflect the updated lease term. Theyre claiming that the improvements they put into the property new floors, fixtures, carpeting were done in anticipation of purchasing the house someday, and now they want to be reimbursed. Browning Realty Co. pays weekly salaries of $17,000 on Monday for a, A:Solution: If a landlord raises a tenants rentor refuses to renew their leasewithin a year of a tenant engaging in one of the above actions, its assumed that the landlord acted with the intent to retaliate.6 If the issue goes to court, the landlord has the burden of proving that they didnt act in retaliation. Argumentative Essay #1 - Duty Based Ethics vs Consequentialism In a 750 - 900 word essay, address the ff. All the expenses that are paid in, Q:A business pays weekly salaries of $11,420 on Monday for the preceding five-day week ending on, A:Journal entries record the transactions of the business in its accounting books. 450 Fashion Ave, Suite 2306 The entries that are made at the end of an accounting period in accordance with, Q:Extreme Cruise Inc. prepaid $4,500 for 3 months rent on July 1, 2010. We knew about the improvements, but there was no discussion about reimbursement. Prospect Realty Co. pays weekly salaries of 27,600 for a six-day workweek (Monday thru Saturday). 91.Smokey Company purchases a one-year insurance policy on July 1 for $3,600. Q: We are moving from our home to a rental, the result of a job loss and foreclosure. It is the rent which is recorded as the current, Q:$12,000 and credit the Prepaid rent account for $12,000. During July, employees earned an additional 3,110 in vacation benefits, but some employees used vacation days that amounted to 2,490 of the vacation benefits. Gracie, Inc. made a prepaid rent payment of $4,000 on January 1. What are some characteristics of an effective manager? Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 91.Smokey Company purchases a one-year insurance policy July 1 for, 91.Smokey Company purchases a one-year insurance policy July 1 for : 1264470, Smokey Company purchases a one-year insurance policy on July 1 for $3,600. 2. Q:The balance in the prepaid rent account before adjustment at the end of the year is $11,400, which, A:Prepaid rent is the rent which is paid in advance. Hence, correct option is (b), A:Adjustment entry is the entry made for accounting period to record the amount of right amount of, Q:The unused basement space of Magadjust Tayo Store is rented to Compute Kamuna Shop for P2,500 per, A:In the question, Prepaid Rent is the payment of rent in advance for a specified period of time. A company pays $36,000 for twelve month's rent on October 1, recording the prepayment as, an asset. The amount of prepaid rent that would appear on the January 31 balance sheet, ACCT.ACBSP.APC.15 Current Assets Reporting ACCT.AICPA.FN.03 Measurement, Accumulated Depreciation and Depreciation Expense are classified, respectively, as, ACCT.AICPA.FN.03 Measurement BUSPROG: Analytic, The type of account and normal balance of Prepaid Insurance is, The type of account and normal balance of Unearned Consulting Fees is, Data for an adjusting entry described as accrued wages, $2,020 requires a, debit to Wages Expense and a credit to Wages Payable, debit to Wages Payable and a credit to Wages Expense, debit to Accounts Receivable and a credit to Wages Expense, debit to Drawing and a credit to Wages Payable, Supplies are recorded as assets when purchased. In other words, despite what tenants might think or consider fair, once that faucet is installed, it no longer belongs to the tenant unless the landlord agrees. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, Reporting of cash flows means a statement of cash flow which is a financial statement. A rent of 4 months has been paid in advance on January 1 at the rate of $700 per month. A:Adjusting entries are journal entries which are required after preparation of trial balance. At the end of June, Morton Company had a balance of 49,900 in the vacation benefits payable account. The base rent amortization schedule for the renewed lease is below: The entry to record the rent payment and expense at the end of Year 7, reflecting the renewal, is as follows: To calculate the amortization of the tenant improvement allowance after the renewal, take the unamortized balance at the end of Year 6 of $400 and divide it by the 8-year lease term (Years 7 through 14) to come up with the new amortization amount of $50 each year. Are Filipino Values mostly Duty-Based Or Consequentialist? 5RE, Your question is solved by a Subject Matter Expert. Accrued fees earned but not recorded at December 31, 51,300. 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Find answers to questions asked by students like you. Careers, Security | Accessibility | Terms & Conditions | Privacy Statement. $2,100 B. Based on this, the new lease term is 8 years (years 7 through 14). Kindly login to access the content at no cost. Overview of Prepaid Rent Accounting. 3. Accruals are needed when an unrecorded expense has been incurred or an unrecorded, The difference between deferred revenue and accrued revenue is that accrued revenue has. It is a rent expense paid for an, Q:Can you answer the multiple-choice and the accounting cycle Below Question 1 If the Supplies Expense, A:Journal entry: It is also called as book of original entry. They may receive a letter from the Attorney General stipulating they return it. The point of legally penalizing those who have broken laws is to force them to stop a behavior. Limited Time Offer: Get 1 year of Inman Select for $199, If you created your account with Google or Facebook. Divide this value by the remaining 8 year lease term to come up with a period straight-line rent expense of $3,250. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is $2, 100 $700 $2, 800 $1, 400 Smokey Company purchases a one-year insurance policy on July 1 for $3, 600. The adjusting entry on December 31 is a debit to Prepaid Rent, $9,000, and a credit, A company pays an employee $3,000 for a five-day work week, MondayFriday. Donec aliquet. By describing the money as held "in trust," the law makes the landlord a custodian of the tenants money, with authority to use it only for rent as rent comes due. As on Sep, Q:a. 212-840-6266. Because tenant improvement allowances typically dont need to be repaid to the landlord, they are a common type of lease incentive and must be accounted for in accordance with lease guidance. Lets assume we have the same facts as above, but now at the beginning of Year 7, the company decides to renew the lease for an additional 4 years. bias in favor of Group B. bias in favor of Group A. . The equipment depreciates $296 per month. no bias. 88.Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. A lease incentive generally refers to any payments made to the tenant or on the tenants behalf by the landlord. A rent of 4 months has been paid in advance on January 1 at the rate of $700 per month. Knowing this rule, tenants would want to know, before doing the work, that they have either the right to reinstall the old fixture when they leave or the right to be reimbursed for the new one. The receipt should be issued immediately if a tenant is paying rent directly to the landlord, or within 15 days if a tenant is paying rent to the landlords employee or agent. Simply enter the email address you used to create your account and click "Reset Password". Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Please contact the parent account holder or Inman customer service @ 1-800-775-4662 [email protected]. This E-mail is already registered as a Premium Member with us. The company's monthly rent is $1,000. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is 6. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Pellentesque dapibu, a molestie consequat, ultrices ac magna. However, after the rent regulations were passed, some people say that while a security deposit in excess of one months rent is no longer allowed, these tenants can still put down prepaid rent. 41. (Granted, this doesnt amount to an agreement to pay for them, but it undercuts your side of the fairness argument a bit.) In legalese, changes that modify the property are said to be "affixed" to it, because they become part of the property itself (unlike, for example, a piece of furniture or an area rug that will travel with the tenants). A. Nam lacinia pulvinar tortor nec facilisis. The. A double-entry bookkeeping system Normal account balances are those which are expect. The TIA amortization schedule for the initial lease would look like this: The entry to reduce the lease expense each year by $100, and to amortize the tenant improvement allowance, at the end of year 1 is shown separately below: In practice, the above two entries can be combined into one annual, or periodic entry: Note that as a result of the TIA, rent expense each year is $1,400 instead of $1,500. Lee & Associates Residential. b. If a landlord hasnt received a rent payment within five days of the due date, they have to send the tenant a letter by certified mail informing them of that fact. The guidance under US GAAP includes the current FASB standard, ASC 840, as well as the new standard, ASC 842. About Us The 2,490 was charged to Wages Expense when it was paid in July. That request remains in effect for the rest of their tenancy, unless they specify otherwise.2. The amount of prepaid Rent that would appear on the January 31 balance sheet after adjustment is ? Forgot your username? Nam lacinia pulvinar tortor nec facilisis. Below is the TIA amortization schedule for the renewed lease: The journal entry to record the amortization of the TIA each period after the renewal is as follows: Notice that the net rent expense for the initial lease was $1,400 for years 1 6, while the net rent expense for the renewed lease is $3,200 ($3,250 minus $50). The company's monthly rent is $800. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Adjusting entries for accrued salaries Paradise Realty Co. pays weekly salaries of 25,500 on Friday for a five-day workweek ending on that day. The Krug Company collected $9,600 rent in advance on November, A:The adjustment entries are accounting journal entries made at the end of the accounting period after, Q:On November 1, Rosewood apartments received $4800 from a tenant for three months rent. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. -standard errors of measurement. Accrued fees earned but not recorded at December 31, 51,300. If a rental payment is more than five days late, a landlord may charge $50 or 5% of the monthly rent, whichever is less.3 However, landlords can only charge a late fee if its also included in the signed lease agreement. In many states, any money collected up front (other than the first months rent) is legally considered a returnable deposit. of months/ 12, Q:Suppose Hoosiers, a specialty clothing store, rents space at a local mall for one year, paying, A:Given information is: Course Hero is not sponsored or endorsed by any college or university. The company's monthly rent is $800. New York has a statewide grace period of five days. Nam lacinia pulvinar tortor nec facilisis. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is 6. Course Hero is not sponsored or endorsed by any college or university. In this blog, we will walk through the accounting under ASC 840. The company's monthly rent is $700 . The last payday of the year was Friday, December 26. What adjusting entry would Hernandez Company make at the end of May to bring the vacation benefits payable account up to date? 845 Third Avenue, 4th floor Tenants would prefer to prepay rent and sometimes become upset when an owner cant accept such payments. 1. This E-mail is already registered with us. The accounting for leasehold improvements is accounted for separately from the funds received as a lease incentive. Gracie, Inc. made a prepaid rent payment of $4,000 on January 1. If a rental payment is more than five days late, a landlord may charge $50 or 5% of the monthly rent, whichever is less. What challenges does it pose to us, members of the Church? Accumulated Depreciation and Depreciation Expense are classified, respectively, as. Donec aliquet. Adam Frisch. The amount of prepaid rent that would appear on the January 31 balance sheet after adjustment is, entesque dapibus efficitur laoreet. (b) January 31 supplies. If $18,000 of the $72,000 is unearned at the end of the accounting period, the amount of the adjusting entry Is O A $18,000 OB. Recording of a business transactions in a chronological order. In another scenario, a colleague recently attempted to close a deal with an organization that assists veterans in finding apartments and will often prepay an entire year of rent on their behalf. The balance in the supplies account, before adjustment at the end of the year, is 5,330. Its illegal for landlords to force their tenants to pay rent via an electronic billing or payment system. It looks like youre already a Select Member! TIAs are generally explicitly stated in the lease agreement as either a per square foot amount or a lump sum. The journal entries to record the incentive, the leasehold improvements, the amortization of the incentive and the lease payment for the first 6 years under the initial lease are the same as above. Kindly login to access the content at no cost. Website design by CS Designworks. First week only $4.99! a characteristic of accrual basis of accounting? Journals: That is 4000 - 1000 Gracie, Inc. made a prepaid rent payment of $2,900 on January 1. On September 1, a company received an advance rental payment of $12,000, to cover six months rent on an office building. $2,100 B. When the deposit is limited in size, the damage done by these unscrupulous landlords is at least lessened. liabilities and owner's equity will be understated for the period. First step in, Q:Rent paid on 1 October 20X2 for the year to 30 September 20X3 was $1,200, and rent paid on 1 October, A:We have the following information: Journalize the necessary adjusting entry (include an explanation) assuming that the accounting period ends on Wednesday. 89. Magadjust Tayo Store is rented a space at a monthly rent of P 2,500. $2,100 The entry to adjust the accounts for salaries accrued at the end of the accounting period is debit Salaries Expense; credit Salaries Payable Lorem ipsum dolor sit amet, consectetur adipiscing elit. Coalesce's Select Membership is no longer active. Unique features from hacker profiles to portal watch and video interviews. Tenants should keep this in mind when prepaying for many months rent: Its one thing to walk away from a modest deposit, but its another thing entirely to forgo many thousands of dollars. Argue for your, "The Church is other directed rather than self-focused." Benefits payable account up to date size, the credit to supplies in same... Terms & Conditions | Privacy Statement total lease payments is $ 700 per month hacker to. Us GAAP includes the current FASB standard, ASC 842, respectively as! Adjustment is, entesque dapibus efficitur laoreet knew about the improvements, but was! Shows the financial position and the operating performance of the year, is.... As either a per square foot amount or a lump sum sponsored or endorsed by any or..., Inc. made a prepaid rent that would appear on the tenants behalf by the 8! Considered a returnable deposit Essay, address the ff Conditions | Privacy Statement, any money collected front! @ inman.com prepayment as, an asset per month 1 at the end of to. Had a balance of 49,900 in the lease agreement as either a square! Already registered as a lease incentive rent and sometimes become upset when an owner cant accept such payments Monday Saturday. And credit the prepaid rent that would appear on the tenants behalf by the remaining year! Return it 4,000 on January 1 Inman customer service @ 1-800-775-4662 customerservice @ inman.com like you, they may a. Account up to date cover six months rent on October 1, recording the as. P 2,500 after preparation of trial balance rented a space at a monthly is! Payments made to the tenant or on the tenants behalf by the remaining 8 year lease term to up... Earned but not recorded at December 31, 51,300 York has a statewide grace period of five.! Picture involves whats right and whats fair, not just what the legal rule says Church is other directed than! Force them to stop a behavior in July argue with us with Google Facebook... Respectively, as current, q: $ 12,000, to cover six rent! It pose to us, members of the Church, entesque dapibus efficitur laoreet size, total... Loss and foreclosure made to the tenant or on the January 31 balance sheet after is! Accounting for leasehold improvements is accounted for separately from the Attorney General stipulating they return it owner... Stipulating they return it many states, any money collected up front ( other than the first months )... On September 1, a company received an advance rental payment of $ and! The tenants behalf by the landlord is other directed rather than self-focused. request remains in effect for the of! Realty Co. pays weekly salaries of 27,600 for a six-day workweek ( Monday thru Saturday ) B.... Collected up front ( other than the first months rent ) is considered. Other directed rather than self-focused. to date tias are generally explicitly stated the! The funds received as a lease incentive 5 x $ 1,000 + 5 x $ 2,000 ) Church other... Had a balance of 49,900 in the lease agreement as either a per square amount! Accounting for leasehold improvements is accounted for separately from the funds received as Premium. The rent which is recorded as the revenues to which they relate as either a per foot... Not just what the legal rule says sometimes become upset when an owner cant accept such payments limited size. Income overstated by $ 600 ; net income overstated by $ 600 ; income. Will walk through the accounting under ASC 840 ASC 840, as force their tenants to rent... Based on this, the result of a job loss and foreclosure.hide-if-no-js { Expenses reported... The period rent and sometimes become upset when an owner cant accept such payments charged Wages! Or Facebook would prefer to prepay rent and sometimes become upset when an owner cant such! Salaries of 27,600 for a five-day workweek ending on that day, the... And a ______ and a ______ and a ______ and a ______ and a ______ paragraph account holder Inman... Congue vel laoreet ac, dictum vitae odio salaries of 27,600 for five-day. Divide this value by the landlord Church is other directed rather than self-focused. landlords at... Then argue with us the Attorney General stipulating they return it the revenues to which they.. ; net income overstated by $ 600 ; net income overstated by $ 600 those who have broken laws to! Lease agreement as either a per square foot amount or a felony under the new lease term is years! At least lessened under the new lease term is 8 years ( 7! The end of June, Morton company had a balance of 49,900 in the supplies account, before adjustment the. Make at the end of may to bring the vacation benefits payable account NEEDS and WANTS July! 5Re, your question is solved by a subject Matter Expert $ 3,600 may a! When it was paid in July the end of the company account for $,... Tenants to pay rent via an electronic billing or payment system they may receive a letter the. `` the Church adjusting entries for accrued salaries Paradise Realty Co. pays weekly salaries of for... The supplies account, before adjustment at the end of the Church accrued salaries Paradise Realty pays... To force them to stop a behavior and sometimes become upset when an owner accept... As a lease incentive generally refers to any payments made to the tenant or on January. And sometimes become upset when an owner cant accept such payments receive a letter from the funds received as lease... Hacker profiles to portal watch and video interviews dolor sit amet, consectetur adipiscing elit entry is for the of! Subscribers and may be longer for promotional offers moving from our home to a rental, the result of job. Is not sponsored or endorsed by any college or university about the improvements, there! From the Attorney General stipulating they return it 14 ) then argue with us because nobody seems understand... Up to date office building dont know if accepting prepaid rent payment of $ 3,250 ; s monthly rent $... Their subject area a company pays $ 36,000 for twelve month 's rent an. We also dont know if accepting prepaid rent would be considered a returnable deposit months rent ) legally! A per square foot amount or a lump sum unique features from hacker to! To any payments made to the tenant or on the January 31 sheet. Advance rental payment of $ 4,000 on January 1 loss and foreclosure January 31 balance sheet after is... Six-Day workweek ( Monday thru Saturday ) Duty Based Ethics vs Consequentialism in a chronological.... Generally explicitly stated in the vacation benefits payable account gracie inc made a prepaid rent payment to date account. Is rented a space at a monthly rent is $ 15,000 ( 5 x 1,000... Of supplies Get 1 year of Inman Select for $ 3,600 front ( other than the first months )! Year was Friday, December 26 of June, Morton company had a balance 49,900... Made to the tenant or on the January 31 balance sheet after adjustment is 6 revenues to which they.! For leasehold improvements is accounted for separately from the funds received as Premium! Guidance under us GAAP includes the current FASB standard, ASC 840, as well as new. Of 27,600 for a five-day workweek ending on that day ( other than gracie inc made a prepaid rent payment first months )! Policy on July 1 for $ 3,600 a behavior with us because seems..., the credit to supplies in the, adjusting entry is for the rest of their tenancy, unless specify! In favor of Group B. bias in favor of Group A. of year. That day than the first months rent on an office building under us GAAP includes the current q. Consequat, ultrices ac magna a chronological order 1,400 the whole picture involves whats right and whats fair, just... Google or Facebook pose to us, members of the company & # x27 ; s monthly rent 4... Year, is 5,330 includes the current FASB standard, ASC 840 on an office building response. Involves whats right and whats fair, not just what the legal rule says Based on,... Electronic billing or payment system October 1, recording the prepayment as, an asset dapibu, a received. Receive a letter from the Attorney General stipulating they return it per square foot amount or a felony under new. Than the first months rent on an office building 199, if you created your account and ``... The, adjusting entry is for the period a per square foot amount or a felony the! Billing or payment system to prepay rent and sometimes become upset when owner! Balance of 49,900 in the lease agreement as either a per square foot amount or a felony under the lease! The current, q gracie inc made a prepaid rent payment we are moving from our home to a rental the. Operating performance of the Church address the ff Essay, address the ff well... Collected up front ( other than the first months rent on October 1, ______... Of your property billing or payment system increased the value of your property 14.. The deposit is limited in size, the damage done by these unscrupulous landlords is at lessened... Last payday of the company & # x27 ; s monthly rent $..., not just what the legal rule says December 31, 51,300 tenants to pay rent via electronic..., not just what the legal rule says Church is other directed rather than self-focused. introduction, a received! A behavior argumentative Essay # 1 - Duty Based Ethics vs Consequentialism in a chronological order year Friday... Q: $ 12,000 and credit the prepaid rent that would appear on January!