ABC uses the accrual basis of accounting. The amount of rent expense for Y2 was...
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Accounting
ABC uses the accrual basis of accounting. The amount of rent expense for Y2 was $100,000 and the amount of cash received from customers was $200,000. Selected information obtained from the companys comparative balance sheets is shown below:
| 12/31/Y1 | 12/31/Y2 | |
| Prepaid Rent | $6,000 | $8,000 |
| Rent Payable | $8,000 | $4,000 |
| Accounts Receivable | $10,000 | $8,000 |
| Unearned Revenue | $7,000 | $10,000 |
Compute the amount of cash paid for rent in Y2.
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