Multiple Choice
If a business issued a check for $1,000 to pay for two months rent in advance, what is the effect on the firms' assets, liabilities and owner's equity.
A) Owner's Capital will increase
B) Accounts Payable will increase
C) Prepaid Rent will decrease
D) Cash will decrease
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q52: The entire process of analyzing, recording, and
Q53: The following information should be used
Q54: Identify the account below that is classified
Q55: When equipment is purchased for cash,<br>A)assets decrease
Q56: The financial interest of the owner in
Q58: The income statement is also known as
Q59: If the owner takes cash out of
Q60: The expenses for a period are reported
Q61: A withdrawal of funds by the owner
Q62: Which of the following equations is the