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? a. cash basis = $24,000; accrual = $24,000.b. cash basis = $48,000; accrual = $12,000.c. cash basis = $12,000; accrual = $36,000.d. cash basis = $48,000; accrual = $24,000.

b. Cash basis = $48,000; Accrual = $12,000

Explanation:

Under the cash basis, the whole amount that is received should be reported i.e. $48,000      

While in the accrual basis, the amount which is actually received in a current financial year should be recorded

Since $48,000 is for 24 months

So for one month, it would be

= $48,000 ÷ 24 months

= $2,000

And, from July 1  to December 31, it have 6 months

So, the total amount is

= $2,000 × 6 months

= $12,000

b.

c.

d.

g.

those r all of them i believe

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