D Question 17 3 pts When a cash payment is made on an account payable Assets and expenses decrease Assets and liabilities both decrease Assets and stockholders' equity decrease Liabilities and expenses decrease D Question 18 3 pts On July 1, 2020, Stevenson Corp. prepaid $6,000 for 1 year of office rent Stevenson makes only annual adjusting joumal entries. What adjusting journal entry should Stevenson make on December 31, 2020 regarding its prepaid rent balance per the above facts? O DR: Prepaid Rent $3,000 CR Rent Expense $3,000 ONO AJE is necessary because the rent doesn't expire until June 30, 2021 O DR: Rent Expense $3,000 CR: Prepaid Rent $3,000 DR: Rent Expense $6,000 CR: Prepaid Rent $6,000 D Question 19 3 pts Which of the following is a contra-account? Depreciation Expense Cost of Goods Sold Accumulated Depreciation Retained Eamings D Question 20 3 pts Completing a monthly bank reconciliation is an example of which of the following? o Use of required estimates in financial reporting Conservatism in Financial Accounting Internal Control Procedures Inventory Control Procedures