On January 1 of the current year, Chuy Company paid $2,700 in rent to cover six months (January-June). Chuy recorded this transaction as follows: (Click the icon to view the transaction.) Chuy's adjusting entry at the end of February included a debit to Rent Expense in the amount of $450. What effect does the adjusting entry have on Chuy's net income for February? OA. Net income will increase by $450. OB. Net income will increase by $900. OC. Net income will decrease by $900. OD. Net income will decrease by $450. Data table Journal Entry Date Accounts Debit Credit Jan 1 Prepaid Rent 2,700 Cash 2,700 - X

On January 1 of the current year, Chuy Company paid $2,700 in rent to cover six months (January-June). Chuy recorded this transaction as follows: (Click the icon to view the transaction.) Chuy's adjusting entry at the end of February included a debit to Rent Expense in the amount of $450. What effect does the adjusting entry have on Chuy's net income for February? OA. Net income will increase by $450. OB. Net income will increase by $900. OC. Net income will decrease by $900. OD. Net income will decrease by $450. Data table Journal Entry Date Accounts Debit Credit Jan 1 Prepaid Rent 2,700 Cash 2,700 - X

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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