Question: Adjustments for previously recorded prepaid expenses Decrease assets and increase revenues Decrease expenses and increase assets Decrease assets and increase expenses Increase expenses and increase

  1. Adjustments for previously recorded prepaid expenses
  1. Decrease assets and increase revenues
  2. Decrease expenses and increase assets
  3. Decrease assets and increase expenses
  4. Increase expenses and increase owners equity
  5. Increase revenues and Decrease assets.

Why is C the correct answer?

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