On August 1, the company pays rent for twelve months in advance and debits an asset account.

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On August 1, the company pays rent for twelve months in advance and debits an asset account. At year end, the adjusting entry on the work sheet would

A. increase an expense account

B. decrease a liability account

C. increase an asset account

D. decrease an expense account

Related Book For answer-question

Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

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Posted Date: Oct 24, 2020 08:46 PM

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On August 1, the company pays rent for twelve months in advance and debits an asset account.

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Expert Answer:

Increase an expense account Explanation In this case the adjusting entry on the ... View the full answer

Accounting concepts and applications

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