The company wants to rent a building to use for the next four months and pays the property’s owner $4,000 to cover this cost. When a rent or other payment provides the company with a future benefit, what recording is appropriate? Answer: In acquiring the use of this property, the company’s cash decreases by $4,000. The money was paid in order to utilize the building for four months in the future. The anticipated economic benefit is an asset and should be reported to decision makers by establishing a prepaid rent balance. The reporting company has paid to use the property at a designated time in the future to help generate revenues.
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Accountants cannot record transactions without understanding the impact that has occurred. Whether inventory is sold or an account receivable is collected, at least two accounts are always affected because all such events have both a cause and a financial effect. Individual balances rise or fall depending on the nature of each transaction. The payment of insurance, the collection of a receivable, a capital contribution, and the like all cause very specific changes in account balances. One of the most common is the sale of inventory where both an increase in revenue and the removal of the merchandise takes place. Increases and decreases in inventory are often monitored by a perpetual system that reflects all such changes immediately. In a perpetual system, cost of goods sold—the expense that measures the cost of inventory acquired by a company’s customers—is recorded at the time of sale.
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