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Samira's restaurant signed a one-year lease on a warehouse for $5,000 a month. The landlord requires that Samira's pay the annual amount of $60,000 at
Samira's restaurant signed a one-year lease on a warehouse for $5,000 a month. The landlord requires that Samira's pay the annual amount of $60,000 at the beginning of the year. What would be the correct entry at the inception of the lease? O Reference 1/1/20 O Ref 1/1/20 Ref 1/1/20 Ref 1/1/20 Account Title Prepaid Rent Cash Account Title Rent Expense Cash Account Title Rent Expense Prepaid Rent Account Title Rent Expense Prepaid Rent Debit 5,000 Debit 60,000 Credit 60,000 Debit kebit Credit 5,000 60.000 5,000 Credit 60,000 Credit 5,000
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