On May 31, a company paid $900 rent for June to its landlord. Would you recommend that

Question:

On May 31, a company paid $900 rent for June to its landlord. Would you recommend that this expenditure be presented in the end-of-May as an asset (Prepaid Rent) or as an expense (Rent Expense)? Why?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...