ncepts Help Save&Exit Knowledge Check 01 On July 1, Year 1, a company paid $48,000 for 24 months of advance rent on its warehouse. Assuming the company has a December year end, what would be the amount of rent expense in Year 1 under cash basis versus accrual accounting? Multiple Choice Cash basis $24,000 Accrual $24,000 Cash basis $48.000 Accrual $12.000 MacBook Air 3 4 5 6