Adjusting Rent Expense. Please Help

Canada Discussion in 'Exams and Studying' started by ways150, Oct 11, 2016.

  1. ways150


    Oct 11, 2016
    Likes Received:
    August 1: Signs a two-year lease with the university for a small space in the food court. Monthly rent is $1,000. In addition, Cookie must pay 2 percent of sales in additional rent at the end of the year. No rent is required for August. Cookie writes a cheque for $3,000 for rent for September through November.

    journal entries until December 31, 207

    Question: Record the additional rent expense at 2 percent of sales.
    The answer is 846, but dont know how to solve it
    ways150, Oct 11, 2016
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