What is the justification for debiting rent expense at the


On July 1 of the current year, a business paid the July rent on the building that it occupies.

(a) Do the rights acquired at July 1 represent an asset or an expense? 

(b) What is the justification for debiting Rent Expense at the time of payment?

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Accounting Basics: What is the justification for debiting rent expense at the
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