Abstract: The structure of a finitely presented monomial algebra over a field K is described. Here X is a finitely generated free monoid and I is a prime ideal of X that is finitely generated. As an application, a new structural proof of the recent result of Bell and Pekcagliyan [J. Bell, P. Pekcagliyan, Primitivity of finitely presented monomial algebras, preprint, arXiv: 0712.0815v1] on the primitivity of such algebras is presented, which yields a positive solution to the trichotomy problem, raised by Bell and Smoktunowicz [J. Bell, A. Smoktunowicz, The prime spectrum of algebras of quadratic growth, J. Algebra 319 (2008) 414–431], in the finitely presented case. Our approach is based on a new result on the form of prime Rees factors of semigroups satisfying the ascending chain condition on one-sided annihilators and on its refinement in the case of finitely presented factors of the form . [Copyright &y& Elsevier]