Question: MIDTERM - FALL 2 0 2 4 SavedHelpSave & ExitSubrIn October, XYZZ Inc. prepays rent of $ 7 , 0 0 0 for November and

MIDTERM-FALL 2024SavedHelpSave & ExitSubrIn October, XYZZ Inc. prepays rent of $7,000 for November and December. Which of the following describes the effects of this transaction in40October?Multiple Choice&Assets decrease $7,000 and liabilities decrease $7,000.Assets increase $7,000 and shareholders' equity increases $7,000.Assets, liabilities and shareholders' equity all remain unchanged.Liabilities decrease $7,000 and shareholders' equity increases $7,000.

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