Multiple Choice
If the total amount for Rent Expense is inadvertently posted to Prepaid Rent at the end of the year, what will be the effect on the year-end financial statements?
A) Expenses will be overstated
B) Assets will be overstated
C) Revenues will be understated
D) Owner's equity will be understated
Correct Answer:
Verified
Correct Answer:
Verified
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