Multiple Choice
The adjusting entry to record prepaid rent after the company has used the rented property for the rental period accomplishes which of the following?
A) Decreases an asset and increases an expense
B) Decreases a liability and increases an expense
C) Decreases a liability and increases a revenue
D) Increases an asset and increases an expense
Correct Answer:
Verified
Correct Answer:
Verified
Q10: credit to a(n) _ account is required
Q11: adjusting entry required for a prepaid expense
Q12: The purposes of the adjusting process are:<br>A)
Q13: a prepaid adjustment, the cash payment occurs
Q14: ABC Company signed a one-year $12,000 note
Q16: Joy Company paid $4,500 for an 8-month
Q17: Supplies account for Vulcan Detail Company had
Q18: account type is debited in the adjusting
Q19: Which of the following entries would
Q20: Every adjustment affects which of the following