Multiple Choice
On September 1,2016,Joy,Inc.paid $8,000 in advance for an eight-month rental space covering the period of September,2016 through April 2017.The deferred expense was initially recorded as an asset.Joy,Inc.makes adjusting entries once a year at year-end.The adjusting entry on December 31,2016 would include a ________.
A) debit of $8,000 to Cash
B) credit of $8,000 to Prepaid Rent
C) debit of $4,000 to Rent Expense
D) credit of $4,000 to Rent Expense
Correct Answer:
Verified
Correct Answer:
Verified
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