AW Consulting signs a lease agreement on January 1, 2012 to rent a copier. The agreement states that AW must make the following payments on the last day of each month: January) $400; February) $100; March) $300; April) $100; and May) $500. AW plans to use the copier continuously throughout the five months and must return the copier in good shape on June 1. At 3/31/12, the balance in Rent Payable (for this copier) should be:

	a.	$0.00
b.		$20.00 CREDIT balance
c.		$40.00 CREDIT balance
d.		$60.00 CREDIT balance

AW Consulting signs a lease agreement on January 1, 2012 to rent a copier. The agreement states that AW must make the following payments on the last day of each month: January) $400; February) $100; March) $300; April) $100; and May) $500. AW plans to use the copier continuously throughout the five months and must return the copier in good shape on June 1. At 2/29/12, the balance in Prepaid Rent (for this copier) should be:

	a	$0.00
	b	$60.00 DEBIT balance
	c	$60.00 CREDIT balance
	d	$180.00 CREDIT balance

AW Consulting signs a lease agreement on January 1, 2012 to rent a copier. The agreement states that AW must make the following payments on the last day of each month: January) $400; February) $100; March) $300; April) $100; and May) $500. AW plans to use the copier continuously throughout the five months and must return the copier in good shape on June 1. At 1/31/12, AW should have rent expense (for this copier) in the amount of:

		a $1,400
		b $400
		c $280
		d $100