A company shows a $660 balance in Prepaid Rent in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired rent of $230. This adjusting entry results in:
A. An error in the financial statements.
B. $230 difference between the debit and credit columns of the Unadjusted Trial Balance.
C. $230 increase in net income.
D. $230 decrease in net income.
E. $230 of prepaid insurance.
Answer: D
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