Which of the following doesn't correctly describe a journal entry which debits rent expense and credits prepaid rent? Group of answer choices A)It increases expenses and decreases retained earnings. B)It decreases net income and decreases assets. C)It increases expenses and decreases assets. D)It decreases net income and decreases liabilities. e)All of the above are correct.
Which of the following doesn't correctly describe a journal entry which debits rent expense and credits prepaid rent? Group of answer choices A)It increases expenses and decreases retained earnings. B)It decreases net income and decreases assets. C)It increases expenses and decreases assets. D)It decreases net income and decreases liabilities. e)All of the above are correct.
Which of the following doesn't correctly describe a journal entry which debits rent expense and credits prepaid rent? Group of answer choices A)It increases expenses and decreases retained earnings. B)It decreases net income and decreases assets. C)It increases expenses and decreases assets. D)It decreases net income and decreases liabilities. e)All of the above are correct.
Which of the following doesn't correctly describe a journal entry which debits rent expense and credits prepaid rent?
Group of answer choices
A)It increases expenses and decreases retained earnings.
B)It decreases net income and decreases assets.
C)It increases expenses and decreases assets.
D)It decreases net income and decreases liabilities.
e)All of the above are correct.
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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