Multiple Choice
The unadjusted trial balance shows a $12,000 balance for Prepaid Rent.At the end of the year,$7,000 of the rent had been used.The adjusted trial balance reflects a balance for Prepaid Rent of:
A) $5,000 debit.
B) $5,000 credit.
C) $7,000 debit.
D) $7,000 credit.
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Recording the purchase of supplies in a
Q6: Adjusting entries are completed before the unadjusted
Q14: The total revenues of $6,500,total expenses of
Q17: Using the adjusted trial balance, the first
Q19: Recording Prepaid Rent would be an example
Q60: Revenue accounts are closed by crediting them
Q65: The balance of Retained Earnings on the
Q82: The balance in the Accumulated Depreciation account
Q130: Closing entries are prepared for which of
Q155: On the Income Statement, expenses are always