On October 1, Year 1, Senegal Company paid $1,200 in advance for rent of office space for one year and recorded a journal entry debiting Prepaid Rent and crediting Cash for $1,200. On December 31, Year 1, the required adjusting entry was recorded. What are the adjusted account balances at December 31, Year 1?
A. Prepaid Rent, $0; Rent Expense, $1,200
B. Prepaid Rent, $300; Rent Expense, $900
C. Prepaid Rent, $1,200; Rent Expense, $0
D. Prepaid Rent, $900; Rent Expense, $300
Answer: D
You might also like to view...
Philosophers of the ________ School of jurisprudence emphasize a moral theory of law, where law is based on morality and ethics, and is discovered by human reasoning and making choices between good and evil
A) Sociological B) Analytical C) Historical D) Natural Law
Mandy's Packaging Inc. is a multibillion-dollar supplier of packaging materials. One of its salespeople rearranged production schedules at three different plants to satisfy an unexpected demand for boxes from a major client
The salesperson's action is typical of the company's sales philosophy and indicates an emphasis on _____. a. price-based selling b. relationship selling c. adaptive selling d. persuasive selling
George wants to challenge himself and feels entrepreneurism is his next challenge. George has ______.
a. a low tolerance for risk b. a growth mindset c. a fearful mindset d. a left-brain mindset
Wikis are likely to reduce the need for in-person team meetings, although they usually result in increased email for participants
Indicate whether the statement is true or false