Which adjusting entry will result in a decrease in assets? a. An adjusting entry to record...
Which adjusting entry will result in a decrease in assets?
a. An adjusting entry to record interest expense that has been
incurred
b. An adjusting entry to record the expiration of rent
c. An adjusting entry to record revenue that is earned
d. All of the above
e. None of the above
Homework Answers
Correct answer----b. An adjusting entry to record the expiration of rent
.
Recording of rent expense by debiting rent expense and crediting prepaid rent will decrease current asset (that is prepaid rent).
Prepaid rent is debited as an asset when rent is paid in advance. When adjusting entry is made rent expense for the period rent has expired is recorded.
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Which adjusting entry will result in a decrease in assets?
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